India’s economy is expected to reach $10 trillion by the end of this decade (2030) and in a decade, touch $15 trillion by 2034, Union Commerce Minister Piyush Goyal said on Thursday and emphasized on improving the quality of life of citizens. . Currently, the size of India’s GDP is estimated at around $3.7 trillion. India is expected to become the world’s third largest economy in the next three years, with a GDP of $5 trillion.
India’s GDP grew 8.4 percent in the October-December quarter of the current financial year 2023-2024 and the country remained the fastest growing major economy. Asked about the opposition’s criticism that the benefits of growth are limited to a certain stratum and have not reached the people, the minister refuted the allegations and mentioned the number of beneficiaries of housing, food, grains, healthcare, cooking gas and toilets that his government has managed to achieve. achieved in the past decade. “I think the naysayers have no choice but to get an idea of what is happening on the ground, where people have benefited (from various schemes). After all, infrastructure has a huge multiplier impact on the economy,” the minister said.
Asked what India has in store in the near term, Goyal said the country will see a lot of foreign investment and India is emerging as a trusted partner. “In the next decade, we will see many technologies and investments coming from all over the world to manufacture in India, which will generate economic activity and jobs for our young boys and girls, which will also provide opportunities for our young startups. to innovate their ideas, and this will be necessary for the developed world looking for a trusted partner,” he said. “This will drive enormous amounts of investment and technology that will not only meet the needs of a growing, ambitious India but also be the purchasing base for the world,” he added.
