Ayush Bansal
Image: The Economic Times
India is one of the fastest-growing economies in the world and it is expected to reach USD 30 trillion in the coming 30 years, Commerce and Industry Minister Piyush Goyal said here on Sunday.
If India grows at 8 percent every year on a compounded annual growth basis, the economy will double in about nine years, he said.
The country’s economy at present stood at about USD 3.2 trillion and in nine years from today, he said, it will be about USD 6.5 trillion.
“Another nine years, that is 18 years from now, we will be about USD 13 trillion economies. And then another nine years after that, that is 27 years from now, we will be a USD 26 trillion economy… Then obviously, 30 years from today, confidently we can all expect that the Indian economy will be a USD 30 trillion economies,” the minister said.
If India grows at 8% every year on a Compounded Annual Growth basis, the economy will double in about 9 years time to be $6.5 trillion.
In 18 years, it will be $13 Trillion, in 27 years $26 Trillion.
30 years from now, India can be a $30 Trillion economy. pic.twitter.com/gpmiaSQsnI
— Piyush Goyal (@PiyushGoyal) June 26, 2022
Some “naysayers” have raised questions on these numbers but they should come to places like Tiruppur to see the significant jump in the growth of sectors like textiles, he added.
Speaking at a gathering in Coimbatore, Mr. Goyal emphasized that the center was boosting both the cotton and manufactured textile sectors to increase its part of the global market and, consequently, the number of job prospects.
“In all sectors, we want to become a global industry. We want to capture the world market,” he said, adding that under the guidance of the Prime Minister, the Centre is working actively with different countries to finalize free trade agreement that will give zero-duty access to the textile sector in the world market.
India currently has respect throughout the world because of the PM’s cordial relationships with world leaders.
Mr. Goyal stressed during the opening of SIMA Texfair 2022 in Coimbatore that the center was supporting both the cotton and manufactured textile sectors to increase their global market share and, in turn, increase investment and job prospects.
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Talking about the textiles industry, he said the industry size at present is about Rs 10 lakh crore and exports are about Rs 3.5 lakh crore. Given the potential, the industry is targeting to reach Rs 20 lakh crore in terms of industry size and Rs 10 lakh crore exports in the next five years.
He also informed that Tiruppur has become a global apparel hub and is exporting goods worth over Rs 30,000 crore from Rs 15 crore, 37 years back.
Textile industry is worth about ₹10 lakh Cr and has the potential to grow to ₹20 lakh Cr in the next 5 years with exports of ₹10 lakh Cr.
Govt. wants to replicate Tiruppur’s success across India and create 75 such hubs. pic.twitter.com/jNePVgTxyr
— Piyush Goyal (@PiyushGoyal) June 26, 2022
There is a need to create 75 such textile cities in the country, Goyal, who also holds the textiles portfolio, said, adding huge job opportunities are there in the textiles industry here.
“Huge job and investment opportunities can be created in the textiles sector. There is immense potential in the sector,” the minister noted.
The sector provides direct employment to 6 lakh people and indirect employment to 4 lakh people, therefore, collectively employing 10 lakh people, he added.
All over India, roughly 3.5-4 crore people are engaged in the total value chain of the textile sector alone. Textiles is the second largest provider of work after agriculture, Goyal said.