Key facts
- India aims to become a $30 trillion economy by 2047 through expanded international engagement.
- Developed nations' demographic challenges present opportunities for India's skilled workforce.
- India has signed nine free trade agreements covering 38 countries in the past 3-3.5 years.
- These agreements provide access to India's market and attract foreign capital.
- Collaborative models are essential due to high R&D and production costs in developed economies.
Union Minister of Commerce and Industry Piyush Goyal stated that India must expand its international engagement to achieve its vision of becoming a USD 30 trillion economy by 2047. Speaking at the 5th Annual Meeting of the India Global Innovation Connect, Goyal emphasized that India's economic growth is not a zero-sum game and is deeply linked to fostering strategic partnerships with developed nations.
Goyal highlighted that these partnerships complement, rather than compete with, Indian industry. He noted that developed economies face demographic challenges, such as aging populations, creating a need for young talent and skills that India possesses in abundance. The high costs of research, development, and production in these advanced nations make a collaborative model essential.
India has entered into nine free trade agreements in the last three to three-and-a-half years, covering 38 countries that are significantly richer than India. These pacts offer these nations access to India's market of 1.4 billion aspirational consumers and are intended to channel much-needed capital into the Indian ecosystem.
During his visit, Goyal also interacted with Claude Smadja, Chairman of Smadja & Smadja, discussing the government's efforts to boost infrastructure, strengthen India's position in global supply chains, and enhance the ease of doing business while fostering innovation-led growth.