India Set to Become a $5 Trillion Economy in 2-2.5 Years, Announces Piyush Goyal
Published on: December 29, 2023.
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Commerce and Industry Minister, Piyush Goyal, shared in a recent media event in New Delhi that India is projected to become a USD 5 trillion economy within the next two and a half years. Goyal highlighted Prime Minister Modi’s commitment to making India the world’s third-largest economy by 2027. The Indian economy reaching the USD 5 trillion mark will be a significant milestone.
Goyal stated, “We are on track to surpass the USD 5 trillion mark within the next two and a half years and become the world’s third-largest economy.” He acknowledged that the recent conflict in the Red Sea has had no immediate impact on trade, although rice exports may have been affected. More information regarding the impact on various sectors will be available in December’s trade data.
Looking towards the new year, Goyal expressed ambitious targets for exports and praised the resilience of the Indian economy. Despite challenges, India has consistently achieved impressive growth rates while maintaining low inflation. Goyal also emphasized India’s successful adoption of e-commerce due to its high smartphone usage and internet penetration.
To further promote e-commerce exports, Goyal introduced the launch of the E-Commerce Export Handbook for MSMEs. This handbook aims to encourage micro, small, and medium enterprises to embark on their exporting journey. The Indian economy is well-positioned to harness the benefits of e-commerce, and this handbook will serve as a valuable resource for MSMEs.
Source: [Devdiscourse](https://www.devdiscourse.com)
