New Delhi: Union Minister Piyush Goyal said Indian industry should be proud of their achievements, the country’s strong macroeconomic fundamentals and the reforms undertaken over the past several years. The minister believes that India will become the third largest economy in four to five years. “We believe that India is not only the fastest growing large economy, we will continue to be so for many decades to come,” Commerce and Industry Minister Goyal said while addressing the Asia Economic Dialogue in Pune on Sunday.
He said, “The way India is growing, my own belief is that we will probably take our economy closer to $35-40 trillion economy by 2047. The desire of every Indian is second to none. to stay.” ,Also read: PM-KISAN 13th installment: Farmers of this state will get Rs 2,000 on February 27 – check name in beneficiary list,
The minister said that the Russia-Ukraine conflict has had a more severe impact on developed countries than on developing countries. He said that food security and energy security and its consequent impact on inflation, interest rates and growth have had a devastating impact on both developed and developing countries. ,Also read: “Dear SBI User…:” Are you also getting this SMS? Check The Truth About SBI Fake Message Scam,
Further, on imports from China, the commerce minister said that over the years, the government has hurt India’s interests by getting people used to low-priced 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.
We allowed products from China to come while they stopped our products from India to go to China for legitimate or illegal reasons. Rule of law, their right to liberty and freedom of expression.
Very different economic philosophies co-exist in Asia. It will take some time for us to build 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.”
The minister said that 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 towards India. Our ability to innovate and come out with vaccines and deliver and vaccinate the population at a low cost has been a world record Is.
During the COVID-19 pandemic, 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,” Goyal said.