Union Commerce and Industry Minister Piyush Goyal has said that India must deepen its international engagement to achieve its goal of becoming a developed nation and a USD 30 trillion economy by 2047.
Addressing the closing session of the 5th Annual Meeting of the India Global Innovation Connect, the Minister said India’s economic growth is closely linked to strategic partnerships with developed countries. He noted that such collaborations complement Indian industry and are essential for sustaining long-term growth.
Goyal said India has a clear roadmap to become a developed country by 2047 and estimated that the country’s economy could reach around USD 30 trillion by then. He stressed that this target cannot be achieved without expanding global engagement.
Highlighting demographic trends in advanced economies, the Minister said many developed nations are facing ageing populations and require skilled young talent, an area where India has a natural advantage. He added that rising research, development and production costs in these countries make partnerships with India mutually beneficial.
The Minister said regions including Europe, the United States, Canada, Israel, Gulf countries, Australia and New Zealand should be viewed as partners in India’s growth journey rather than competitors. According to him, collaboration with these economies creates opportunities for innovation, investment and market access.
Goyal also highlighted India’s recent efforts to strengthen trade ties, stating that the country has signed nine free trade agreements over the past three to three-and-a-half years. These agreements cover 38 countries and provide greater access to India’s growing consumer market while encouraging foreign investment.
He said India’s market of 1.4 billion aspirational consumers, combined with a favourable investment climate, makes the country an attractive destination for global capital.
The Minister also underscored the need to build a strong ecosystem for emerging technologies and maintain global quality standards to enhance India’s competitiveness.
On the sidelines of the event, Goyal interacted with Claude Smadja and discussed the government’s efforts to improve infrastructure, strengthen India’s position in global supply chains and enhance ease of doing business.
-ANI
