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Piyush Goyal Interview: India sets $30 trillion economic target by 2047, says the Union Minister
In an interview with Network18's Managing Director and Group Editor-in-Chief, Rahul Joshi, Commerce Minister Piyush Goyal said India aims to become a $30 trillion economy by 2047, crediting GST reforms and signaling optimism on a trade pact with the U.S.
India has set its sights on becoming a $30 trillion economy by 2047, Union Commerce and Industry Minister Piyush Goyal said on Thursday, outlining one of the country’s most ambitious economic targets to date.
In an interview with Network18's Managing Director and Group Editor-in-Chief, Rahul Joshi, Goyal said the long-term goal reflects Prime Minister Narendra Modi’s vision of transforming India into a fully developed nation by the centenary of its independence.
The remarks came a day after the Goods and Services Tax Council, chaired by Finance Minister Nirmala Sitharaman, approved significant tax reductions. Goyal credited the Modi administration’s reforms — particularly the rollout of the GST — with laying the foundation for durable growth. “Prime Minister Modi is working to make India a $30 trillion economy by 2047,” he said.
“The transformative GST reforms and our focus on ease of doing business are key pillars in achieving that vision,” he added.
The $30 trillion aspiration is part of a broader strategy to position India as a global economic force while lifting millions from poverty and advancing toward a high-income, innovation-driven economy by mid-century.
On trade, Goyal expressed optimism about negotiations with Washington. “We will continue to work towards finding solutions and aim to reach an outcome within a few months,” he said, adding that the current challenges in U.S.-India relations were temporary. “The current situation with the US will pass and the relationship will only strengthen.”
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The leaders highlighted how AI is emerging as a critical enabler in this shift from marketing’s traditional focus on new customers to a more sustainable model of driving growth from existing accounts.
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