Tiruppur: India is one of the fastest growing economies in the world and is expected to reach US$ 30 trillion in the coming 30 years. Business and Minister of Industry Piyush Goyal Said here on Sunday. He said that if India grows at 8 per cent every year on a compound annual growth basis, the economy will double in about nine years.
The country’s economy currently stands at around USD 3.2 trillion and in nine years from today, he said, it will be around USD 6.5 trillion.
“Another nine years, that is, 18 years from now, we will be a nearly US$13 trillion economy. And then another nine years, that is, 27 years from now, we will be a US$26 trillion economy… so Obviously, 30 years from now, we can all expect with confidence that the Indian economy will be a US$ 30 trillion economy.”
Some “heroes” have questioned these numbers but they should come in places like this Tiruppur Sectors like textiles to see a significant jump in growth, he said.
Goyal also said that the country’s economy is growing at a healthy pace even in the current challenging times as there is an ongoing war between Ukraine And Russia and the Covid-19 pandemic.
The war has led to a shortage of certain commodities in global markets and has pushed world inflation, but India has managed to keep its inflation at a reasonable level, the minister said.
“For most commodities, we have been able to maintain prices better than developed countries”, he said.
Talking about the textile industry, he said that at present the size of the industry is around Rs 10 lakh crore and exports are around Rs 3.5 lakh crore.
Looking at the potential, the industry is targeting to reach Rs 20 lakh crore in terms of industry size and Rs 10 lakh crore exports in the next five years.
He also pointed out that Tiruppur has become a global apparel hub and is exporting goods worth over Rs 30,000 crore from Rs 15 crore 37 years ago.
There is a need to create 75 such textile cities in the country, Goyal, who also has a textile portfolio, said, adding that there are huge employment opportunities in the textile industry.
“The textile sector can generate huge employment and investment opportunities. There is immense potential in this sector,” the minister said.
The country’s economy currently stands at around USD 3.2 trillion and in nine years from today, he said, it will be around USD 6.5 trillion.
“Another nine years, that is, 18 years from now, we will be a nearly US$13 trillion economy. And then another nine years, that is, 27 years from now, we will be a US$26 trillion economy… so Obviously, 30 years from now, we can all expect with confidence that the Indian economy will be a US$ 30 trillion economy.”
Some “heroes” have questioned these numbers but they should come in places like this Tiruppur Sectors like textiles to see a significant jump in growth, he said.
Goyal also said that the country’s economy is growing at a healthy pace even in the current challenging times as there is an ongoing war between Ukraine And Russia and the Covid-19 pandemic.
The war has led to a shortage of certain commodities in global markets and has pushed world inflation, but India has managed to keep its inflation at a reasonable level, the minister said.
“For most commodities, we have been able to maintain prices better than developed countries”, he said.
Talking about the textile industry, he said that at present the size of the industry is around Rs 10 lakh crore and exports are around Rs 3.5 lakh crore.
Looking at the potential, the industry is targeting to reach Rs 20 lakh crore in terms of industry size and Rs 10 lakh crore exports in the next five years.
He also pointed out that Tiruppur has become a global apparel hub and is exporting goods worth over Rs 30,000 crore from Rs 15 crore 37 years ago.
There is a need to create 75 such textile cities in the country, Goyal, who also has a textile portfolio, said, adding that there are huge employment opportunities in the textile industry.
“The textile sector can generate huge employment and investment opportunities. There is immense potential in this sector,” the minister said.