India aims to become a $30 trillion economy: Piyush Goyal says PM Modi has set new target

Union Commerce and Industry Minister Piyush Goyal on Thursday said that India has set an ambitious target of becoming a $30 trillion economy by the year 2047.

In an interview with CNN-News18 Editor-in-Chief Rahul Joshi, he said the vision has been laid out by Prime Minister Narendra Modi as part of a long-term roadmap to transform India into a fully developed nation by the centenary of its independence.

His interview comes after big GST cuts were approved by the GST Council, led by Union Finance Minister Nirmala Sitharaman, on Wednesday.

Goyal credited the Modi government’s economic reforms — particularly the implementation of the Goods and Services Tax (GST) — for laying the foundation for robust and sustained growth.

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“Prime Minister Modi is working to make India a $30 trillion economy by 2047,” Goyal 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 target is part of India’s broader goal to become a global economic powerhouse while lifting millions out of poverty and creating a high-income, innovation-driven economy by mid-century.

On trade pact with the US, Goyal appeared confident of striking a bilateral trade pact in a matter of a few months.

“We will continue to work towards finding solutions and aim to reach an outcome within a few months,” he said.

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He also said the current situation with the US will pass and the relationship will only strengthen.