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

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.