Minister Piyush Goyal Says India is Set to Become the World’s Third-Largest Economy
India is on a transformative journey to become the world’s third-largest economy, driven by economic stability, strong foreign exchange reserves, and a readiness to tackle global challenges, according to Commerce and Industry Minister Piyush Goyal. Addressing the eighth edition of the India Ideas Conclave on Friday, Goyal highlighted the nation’s growing global influence under the leadership of Prime Minister Narendra Modi.
“India today stands proud, resilient, and determined, on the brink of an extraordinary transformation. Under the guidance of Prime Minister Narendra Modi, we are well on our way to becoming the world’s third-largest economy and are fully prepared to meet global challenges,” Goyal said. He emphasized that India’s economic strength, supported by strong policy frameworks, positions it as a global leader.
The Indian rupee has shown remarkable stability, being one of the least volatile currencies among major global economies. With foreign exchange reserves of around $675 billion, India ranks among the top five globally, underscoring its financial strength.
Focus on Sustainability and Innovation
Goyal also stressed India’s commitment to sustainable development, pointing out the country’s progress in renewable energy. India aims to reach 500 GW of renewable energy capacity by 2030, having already achieved 200 GW, reflecting significant strides in balancing economic growth with environmental sustainability.
Innovation plays a key role in India’s ambition to become a developed nation, or Viksit Bharat. The government has launched a ₹1 trillion fund to support emerging technologies, with a focus on deep tech and sunrise sectors. This initiative aims to enhance public-private partnerships and foster collaboration with academia to drive innovation.
“I urge industries to tap into this fund to drive innovation and capitalize on opportunities in the global economy,” Goyal stated, highlighting the importance of private sector involvement.
India’s solid economic policies, combined with a focus on sustainability and innovation, position the country to navigate and thrive in the global economy. With a stable currency, substantial forex reserves, and strategic investments in future-focused sectors, India is poised to solidify its position as a leading economic force.
The India Ideas Conclave served as a platform to highlight India’s progress and reaffirm its commitment to inclusive and sustainable growth, signaling a new era of global opportunities.
