On Friday, at the Amazing Goa Global Business Summit 2024, Union Minister of Commerce and Industry, Mr. Piyush Goyal, laid out a bold vision for India's future, stating that the country’s US$ 3.5 trillion economy would surge to US$ 35 trillion within the next 25 years. This ambitious projection is rooted in India’s strong economic fundamentals, including low inflation, robust foreign exchange reserves, and a favorable investment environment. Mr. Goyal also emphasized that India is on track to become the third-largest economy globally within the next three years, driven by its dynamic growth.

India's Ascension to the Top Global Economies

Mr. Goyal pointed out that India’s transformation from being part of the "fragile five" economies in 2014 to becoming the fifth-largest global economy today highlights the country's economic resilience. Under the leadership of Prime Minister Mr. Narendra Modi, India is poised to rise to the third spot on the global economic ladder, cementing its position as a major player on the world stage.

The Minister’s speech underscored India’s record FDI growth, with foreign investments having doubled over the past decade compared to the previous one. This surge in foreign direct investment reflects growing international confidence in India’s market potential, underlining the country’s role as a beacon for global capital.

Goa's Vision for the Future

During the summit, Chief Minister of Goa, Dr. Pramod Sawant, affirmed the state's commitment to Prime Minister Modi's vision of making India a global economic powerhouse. Dr. Sawant shared plans to diversify Goa’s economy, positioning the state as a thriving hub for emerging industries and reducing its reliance on tourism. This shift aligns with India’s broader economic transformation, providing a glimpse into Goa’s future as a key player in India’s rise on the global stage.

Strengthening India’s Global Position in Supply Chains

Former Union Minister Mr. Suresh Prabhu, who chairs the National Level Committee for drafting the new National Cooperation Policy, spoke about India’s emergence as one of the least risky countries for investments. He highlighted how India’s stable policies and strategic initiatives have made the nation a trusted partner in global supply chains, reinforcing its role as a central player in global trade.

Amazing Goa Global Business Summit 2024

The three-day Amazing Goa Global Business Summit 2024 featured knowledge sessions, business-to-business meetings, and various events aimed at attracting investment to the coastal state. The summit served as a platform for both national and international leaders to engage, share insights, and explore business opportunities that will drive India’s growth in the years to come.

Looking Ahead to India’s Future

India’s growth trajectory, propelled by key reforms, robust policy frameworks, and a strong entrepreneurial ecosystem, is set to deliver a dynamic and prosperous future. With the government’s focus on infrastructure, industry, and innovation, India is well-positioned to realize its potential as a US$ 35 trillion economy in the coming decades.

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