India will be the third largest economy in 4-5 years: Piyush Goyal

 India will be the third largest economy in 4-5 years: Piyush Goyal

Goyal said that Asia has its own special dynamics, where we have economies that are both democracies and non-transparent and non-rules-based.

Union Commerce Minister Piyush Goyal said on Saturday that he is confident that India will be the third largest economy in four years or so, maximum five years.

Addressing the Asia Economic Dialogue, he said, "The way India is growing, it is my own belief that we will probably take our economy closer to $35-40 trillion by 2047. The desire of every Indian is to no less than." Pune.

The minister exhorted the industry to take pride in their achievements, on our strong macroeconomic fundamentals, on the reforms undertaken in the last few years. "We believe that India is not only the fastest growing large economy, we will continue to be so for many decades to come," he added.

Goyal said that Asia has its own special dynamics, where we have economies which are democracies and which are non-transparent and non-rules-based.

“Over the past decade, India has sought to internationalize and engage with technology and the modern way of working. Today, India is clearly recognized as the country of the decade, if not the country of the 21st century. We have already moved from 10th largest to 5th largest economy. Today we have a youth demographic dividend, which is being recognized as our biggest asset."

The minister said that the Russia-Ukraine conflict has had a more severe impact on developed countries than on developing countries. It has had a devastating impact on both developed and developing countries for food security and energy security and consequent impact on inflation, interest rates and growth, he added.

Goyal recalled that in 2019, when India was discussing joining the RCEP group of nations, after studying what was being offered to India as part of the RCEP agreement, we realized that we are different in some way.

“In my mind, the then government's decision to offer to be part of RCEP was wrong, as we were entering into an FTA with a non-transparent economy, with no laws or courts of appeal or democracy. The settlement could have been the death knell for all manufacturing in India."

The minister said that over the years, we have hurt India's interests by making our people addicted to cheap substandard goods from China.

“The trade deficit with China which was less than $2 billion around 15 – 16 years back has increased to around $48 billion by 2014. Cause Hence, it was music to my ears when Prime Minister Narendra Modi on November 4, 2019 decided not to join the RCEP, which was welcomed by every section of industry and business, every farmer and every person associated with the dairy sector across the country. Celebrated.

Goyal talked about the need to sensitize our people to take more pride in Indian products.

“India believes in the rule of law, their right to freedom, freedom of expression. Very different economic philosophies co-exist in Asia. It will take some time for us to build up adequate systems and manufacturing systems, and also sensitize our people and businesses to wean ourselves off the opium of low-cost low-quality goods coming from China."

He said India is now a partner the world can trust. “By converting the COVID-19 crisis into an opportunity, we were able to open the eyes of the world to India. Our ability to innovate and come out with vaccines and deliver and vaccinate the population at low cost has been a world record. During COVID-19, we have not let a single international commitment down. We are a business partner the world can trust. We have exported the highest ever in 2021-22.