India must expand international engagement to achieve its goal of a $30 trillion economy by 2047, according to Commerce and Industry Minister Piyush Goyal. He highlighted that developed nations' demographic challenges offer opportunities for India's skilled workforce, and strategic partnerships will complement, not compete with, Indian industry.
India's strategy to achieve developed nation status by 2047 hinges on expanding global trade ties and attracting foreign capital, aiming to leverage its demographic advantages and skilled workforce.
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.
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