India will be pillar of global economic revival: Piyush Goyal

Union Minister Piyush Goyal on Thursday said India will be the pillar of the global economic revival as it exhibited steady growth and emerged as the fastest-growing country among large economies of the world.

Addressing the Bengal Chamber of Commerce and Industry's annual general meeting virtually, he said if all stakeholders of the economy work together with a sense of 'Kartavya bhav' (spirit of duty), the national goal of USD 30-trillion economy will be achieved by 2047, the year when the country will celebrate 100th anniversary of its independence.

"India is already the fifth largest economy in the world and is turbocharging its growth to become the third largest in the coming years. The prime minister's vision is to make India a developed nation by 2047 with an economy size of USD 30 trillion as we will celebrate our 100th independence in that year," Goyal, the commerce and industry minister, said.

All sectors such as agriculture, manufacturing and construction are doing quite well, he claimed.

"India is an island of stability and will be the pillar of global revival. Our economy has shown resilience during the pandemic and is on a steady path of growth," the minister said.

Asserting that India is the best destination for investments, Goyal said the government has taken several structural reforms, and more are in the pipeline.

The minister, who also holds food and textile portfolios, urged industrialists for private investments and asked them to believe in India's growth story and help the country in achieving its goals with greater participation.

Goyal cited McKinsey & Co CEO Bob Sternfels comment - 'it's not India's decade, it's India's century'- to showcase the country as an important destination for investment.

India is targeting USD two trillion in exports by 2030, equally divided into merchandise and services, he said.

The minister appealed to industrialists to help India become a global base for manufacturing and invest in tier II and tier III cities, which hold "immense potential".

Goyal stressed on the promotion of micro, small and medium enterprises by strengthening the local supply network as the sector is a job creator and a major contributor to the economy.

He also called for more dialogue with the government and active participation in the FTA (free trade agreement) negotiations.

"The government is pursuing FTAs with like-minded countries. Our FTA negotiations are based on in-depth analysis, and stakeholder consultations are truly reflective of the principle of reciprocity for a win-win scenario," Goyal said.

He stated that the 5G rollout in the telecom services across the country will contribute USD 450 billion to the economy in the next 15 years.

The minister also mentioned that India is taking leadership roles on global platforms.

Exide Industries Ltd Managing Director & Chief Executive Officer Subir Chakraborty became the new president of the chamber.