Indian economy may touch USD 30 trillion in next 30 years: Piyush Goyal

Commerce Minister & Industry Minister Piyush Goyal (File Image)

India is one of the fastest-growing economies in the world and it is expected to reach USD 30 trillion in the coming 30 years, Commerce and Industry Minister Piyush Goyal said on June 26.

If India grows at 8 per cent every year on a compounded annual growth basis, the economy will double in about nine years, he said. The country’s economy at present stood at about USD 3.2 trillion and in nine years from today, he said, it will be about USD 6.5 trillion.

"Another nine years, that is 18 years from now, we will be about USD 13 trillion economy. 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 economy," the minister said.

Some "naysayers" have raised questions on these numbers but they should come to places like Tiruppur to see the significant jump in the growth of sectors like textiles, he added.

Goyal also said that the country’s economy is growing at a healthy pace even in the current challenging times because of the ongoing war between Ukraine and Russia and Covid-19 pandemic. The war has led to a shortage of certain commodities in the global markets and it has pushed the world inflation, but India has managed to maintain its inflation at a reasonable level, the minister noted.

For "most of the items, we have been able to maintain the prices much better" even as compared to the developed world, he said.

Talking about the textiles industry, he said the industry size at present is about Rs 10 lakh crore and exports are about Rs 3.5 lakh crore. Given 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 next five years.

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, 37 years back.

There is a need to create 75 such textile cities in the country, Goyal, who also holds the textiles portfolio, said, adding huge job opportunities are there in the textiles industry here.

"Huge job and investment opportunities can be created in the textiles sector. There is immense potential in the sector," the minister noted.

The sector provides direct employment to 6 lakh people and indirect employment to 4 lakh people, therefore, collectively providing employment to 10 lakh people, he added.

All over India, roughly 3.5-4 crore people are engaged in the total value chain of the textile sector alone. Textiles is the second largest provider of work after agriculture, Goyal said.