Indian Economy News

Indian economy may touch $30 trn in next 30 years, says Piyush Goyal

  • IBEF
  • June 27, 2022

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal said that India has one of the fastest-growing economies in the world and is projected to reach US$ 30 trillion in the next 30 years. According to him, if India experiences compound annual growth of 8%, its economy will double in about nine years.

He stated that in nine more years, or 18 years from now, our economy will be around US$ 13 trillion. After another nine years, or another 27 years, our economy will be worth US$ 26 trillion. So, it stands to reason that we can all confidently anticipate that the Indian economy will be worth US$ 30 trillion in 30 years.

He stated that the current size of the textile industry is approximately Rs. 10 lakh crore (US$ 127.70 billion), and that its exports are approximately Rs. 3.5 lakh crore (US$ 44.69 billion). Given its potential, the sector aims to reach an industry size of Rs. 20 lakh crore (US$ 255.39 billion) and exports of Rs 10 lakh crore (US$ 127.70 billion), within the next five years. Additionally, he mentioned how Tiruppur has developed into a major global hub for apparel and is now exporting goods worth over Rs. 30,000 crore (US$ 3.83 billion), up from Rs. 15 crore (US$ 1.91 million) 37 years ago. According to him, there is a need to establish 75 such textile cities across the nation because the sector offers a wealth of job opportunities.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.