30 Trillion in 30 Years: India’s Economy Growth

30 Trillion in 30 Years: India’s Economy Growth

India’s Economical Flourish

India's economy is the third-largest in Purchasing Power Parity(PPP) and the fifth-largest once it involves nominal Gross Domestic Product. There has been a 6 to 7 % growth in average annual GDP since the 21st century. For around 5 years approximately (2013 to 2018), India was the fastest-growing major economy in the world, outperforming China. Regarding long-term growth, India has excelled and stayed positive, mainly thanks to its population, youth proportion, smart and healthy savings, low dependency ratio, etc.

Targeting 30 in 30 says, Minister Piyush Goyal

“In 27 years from now, the economic growth can be calculated as $26 trillion and hence after 30 years, it can be confidently put that India will be a $30 trillion economy,” he said at the Exporter’s Meet at Tiruppur.

India is one of the world's rapidly-growing economies and is anticipated to touch the $30 trillion mark within the approaching 30 years, Commerce and Industry Minister Piyush Goyal said on Sunday. If India continues to grow at 8 per cent every year on a combined annual growth basis, the economy will double in about nine years. "Another nine years, that is 18 years from now, we will be about USD 13 trillion economies. And then another nine years after that, that is 27 years from now, we will be a USD 26 trillion economy… Then obviously, 30 years from today, confidently we can all expect that the Indian economy will be a USD 30 trillion Economies," the minister said.

War And Pandemic Affecting The Global Economy

Since the burst of Covid-19, it's had its effects and influence on many fields in life. Various challenges and hindrances have affected the economy mostly. Goyal's assurance towards the coping Indian economy strengthened the economic flourish they believed would happen. He mentioned that the country's economy is growing at a healthy pace even in a demanding and tough time like this because of the Covid-19 pandemic.

On the other hand, the war has led to a scarcity of certain commodities in the global markets, and that has, in turn, pushed world inflation. Still, fortunately, India has managed to maintain its inflation at a rational level, the minister noted.

He said that "most of the items, we have been able to maintain the prices much better" compared to the developed world. Concerned about the textiles industry, he said the industry size is about Rs 10 lakh crore, and exports are around Rs 3.5 lakh crore. Considering the potential, the industry is targeting to reach Rs 20 lakh crore in terms of industry size and Rs 10 lakh crore exports in the upcoming five years.

Positive Thoughts By Experts

In the report titled 'Economy to Resume Normal Growth Curve in 2022-23', PHDCCI said India's economic growth in this financial year would be the highest in the world. PhD Chamber of Commerce and Industry President Pradeep Multani said, "various dynamics reforms undertaken by the government during the last two years would support the GDP growth."

The PHDCCI report forecasts that the nominal Gross Domestic Product will grow at 12-12.5 percent in the current financial year and that the economy will attain a size as large as $3350-3400 billion in 2022-23. However, the PHDCCI president says that the geopolitical conflicts, high inflation rates, and potential threats of new COVID variants are the main factors to worry about in 2022-23.

Say Of The Naysayers

There are two sides to everything in life. There will be people praising and congratulating, and there will be some cynics or defeatists too. There have been talks and questions raised on these positive outlooks and expectations from our economy, and replying to them, Goyal said that they should try and visit Tiruppur as an example. The growth of sectors like the textile industries is just a glimpse of the good to come. Adding to this, he said, "the industry size at present is about Rs 10 lakh crore and exports are about Rs 3.5 lakh crore." He also informed that Tiruppur has become a global apparel hub and is exporting goods worth over Rs 30,000 crore from Rs 15 crore, which was around thirty-seven years back.

Future Considerations And What’s To Come

"There is a need to create 75 such textile cities in the country", Goyal, who additionally holds the textiles portfolio, said. "Huge job and investment opportunities can be created in the textiles sector. There is immense potential in the sector," the minister added. "The sector of textiles provides direct employment to around 6 lakh people and indirect employment to 4 lakh people, therefore adding up to an employment of 10 lakh people", he further said.

Overall in India, around 3.5-4 crore people are involved in the textile sector alone. "Textiles is the second largest provider of work after agriculture", Goyal said.

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