'Neither fears nor bows down’: Piyush Goyal hails India’s resilience to challenges; projects $30 trillion economy by 2047

Union minister of commerce and industry Piyush Goyal on Monday said India is poised to become one of the world’s top three economies in the next two to two-and-a-half years, underlining the country’s rapid transformation in recent years.

As per news agency ANI, Goyal was speaking at the Platinum Jubilee Celebrations of the Engineering Exports Promotion Council (EEPC) at Vigyan Bhawan and said, “Under Prime Minister Narendra Modi's guidance, India has come from being one of the world's five weakest economies in 2014 to become one of the top five economies in 2025. In the coming two to two-and-a-half years, India will become one of the world's top 3 economies.”


The event was attended by President Droupadi Murmu and several foreign dignitaries.

The minister pointed to India’s strong economic performance, noting that GDP grew by 7.8 per cent in the last quarter, which he described as a record. He projected that India would become a $30 trillion economy by 2047.

Goyal credited the Goods and Services Tax (GST) reforms for driving growth. “The GST reform is very extensive. With simplification and rate cuts, the country's economy will move forward even more. New job opportunities will increase. People will spend more. We must ensure that the benefits of GST rate cuts reach consumers,” he said, as per ANI.

While addressing the Bharat Nutraverse Expo last week, the minister had said the GST cuts would provide an “unprecedented boost to consumption demand,” and urged companies to pass on the benefits to consumers while actively promoting Indian products.

On sustainability, Goyal stressed India’s role in addressing climate change, noting the country is among the top three globally in sustainability efforts. He added that India has the resilience to face any challenge: “No matter how big a challenge becomes, the country has enough strength; it neither fears nor bows down before any challenge.”

Highlighting the contribution of engineering exports, he said EEPC’s exports had grown from $10 million in 1970 to $116 billion at present. He urged industry leaders to focus on quality and strengthen domestic preference for indigenous goods, adding, “We must keep the faith that the world shows in India today.”