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.
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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.
Read more: Piyush Goyal in Exclusive Interview: GST reforms “Most Transformative in 60 Years”
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.”
