India to become $30 trillion economy in next 30 years, no rocket science needed: Piyush Goyal

India is on the path to become a USD 30 trillion economy in the next 30 years on the back strong GDP growth, said Commerce Minister Piyush Goyal on Monday.

India is currently USD 3-3.5 trillion economy and soon will achieve USD 5 trillion, he said while addressing an event organised Ficci Ladies Organisation.

"As we move to a USD 5 trillion economy.We are well poised on track to aspire to be a USD 30 trillion economy in the next 30 years. It doesn't need any rocket science. All it needs is understanding that the power of our demographic dividend, the youth power and the power of democracy, which India proudly represents," he said.

He further said that at a Compounded Annual Growth Rate of 8 per cent, the goal of USD 30 trillion economy would be achieved sooner or later.

The minister said that women would play an important role in the growth of India and there is always space for them on the high table.

On Draupadi Murmu taking over as President of India on Monday, he said, she has struggled a lot and her elevation as the head of the country is a matter of pride not only for tribals of the country but for everyone.

Murmu, India's youngest president at 64 and the first to be born after Independence, took oath of office in the name of god to "preserve, protect and defend the Constitution and the law".

She was administered oath as the 15th President of India by Chief Justice of India N V Ramana at the historic Central Hall.

Catapulted into the presidential spotlight, the unassuming Murmu is believed to be deeply spiritual and a keen practitioner of the meditation techniques of the Brahma Kumaris, a movement she embraced after she lost her husband, two sons, mother and brother in the just six years between 2009-2015.