New Delhi, February 21, 2023: Achieving a USD 47 trillion economy by 2047 is not at all inconceivable for India, Union Minister of Commerce & Industry Piyush Goyal said on Tuesday. The continuance of good governance that the country has seen over the past 8-9 years, its immense talent pool and the diasporic support the nation commands will aid the growth, the minister said.

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Goyal, who also holds Consumer Affairs & Food & Public Distribution and Textiles stressed on the fact that the economy will be largely driven by the service export rather than merchandise export.  He said that during his address at the 17th India Digital Summit (IDS 2023) on Tuesday.

“Our services export largely driven by IT has grown by 20 per cent between the year 2021-22 and by March 2023 it will grow by 23% more. The IT industry will overtake merchandise exports. We are about 420 billion merchandise exports last year and 254 billion of service exports. My own estimates say that these will converge by 2030,” added Goyal.

As per the data of the Commerce Ministry, the estimated value of services export in April-December 2022 is $235.81 billion as compared to $184.65 billion in the year-ago period. In 2021-22, these exports touched an all-time high of $254 billion. in 2012, India exported $140 billion worth of services. Rising at an annual average growth rate of 6.9 per cent, this number nearly doubled within the first 11 months of 2022.
 
Goyal asserted that the economy will be driven due to the advancement of technology and digital advancement. “By 2030, India should be at $ 1 trillion of merchandise export. Juxtapose this contextually with the Startup India Mission and Digital India. We have seen broadband spread to the remotest corners of the country and have 800 million smartphone users,” said he.