India to be Developed Nation by 2047: Goyal

Mumbai, Oct 8 (PTI) Commerce and Industry Minister Piyush Goyal on Wednesday said no power on earth can stop India from becoming a developed nation by 2047, with the government taking a series of initiatives to promote the domestic economy, build infrastructure and expand international trade.

Speaking at the 6th edition of the Global Fintech Fest (GFF) here, the minister also said today, the world looks upon India with trust and confidence as the country guarantees high-quality talent, skill, goods and services, and a commitment to timely delivery.

From being a participant to now being a principal architect of the fintech world, India leads global initiatives, he added.

"I think no power on earth can stop India from becoming a developed and prosperous nation when we celebrate 100 years of independence. And this cannot happen without the adoption of technology, without the digital world keeping abreast with what is happening in the world, without our trade partnerships increasing across the world. And all of this rests on India being looked upon as a trusted partner of the world," the minister said.

Goyal further said when India aspires to be a USD 30, 32 or 35 trillion economy by 2047, "our friends from the finance world can quickly do the math and you will see that achieving this is very much in the realm of possibility...something that we are all collectively committed to achieve".

The government, on its part, he said, is taking massive steps to promote the domestic economy built upon both the pillars of infrastructure development and consumption-led growth.

Government is committed to expanding international trade, so much so that despite all the global turbulence that we read about, we see, every single day, we hear about it across the world, he said.

He added the country today is at an inflexion point, with strong macroeconomic fundamentals, expanding trade relations with developed countries around the world, focusing on empowering customers with high-quality, and low taxes.

On India's export performance, he said the growth in outward shipments (goods and services combined) is estimated at 4-5 per cent.

The data will be released next week.