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India must expand its international engagement to realise its vision of becoming a USD 30 trillion economy by 2047, according to Union Minister of Commerce and Industry Piyush Goyal.
Speaking at the closing session of the 5th Annual Meeting of the India Global Innovation Connect, the Minister emphasised that India's economic growth is not a zero-sum game. Instead, he argued that the country's trajectory is deeply linked to fostering strategic partnerships with developed nations, which stand to complement rather than compete with Indian industry. "We have a very clear roadmap and a stated goal to make India a developed country by 2047... At that point in time, I would think the Indian economy should be anywhere in the ballpark of about USD 30 trillion... This will not be possible unless we expand our international engagement," the Minister said. He further noted that these developed economies face demographic challenges that provide a unique opening for India's growth strategy. "They have ageing populations and therefore need young talent and skill, which India has in abundance," Goyal highlighted. The Minister explained that the high costs of research, development, and production in these advanced nations make a collaborative model essential. "Considering all of this, we recognise that large parts of the world, Europe, the US, Canada, Israel, Gulf countries, Australia and New Zealand are no threat to India and its businesses," the Minister added. "Cost of production and cost of research and development in these developed economies are becoming prohibitively high... therefore, a partnership between India and such developed countries complements each other rather than competes with them," he stated. According to Goyal, these international alliances are a calculated component of India's long-term economic roadmap. He highlighted that India has "entered into 9 free trade agreements in the last 3-3.5 years. These cover 38 countries, significantly richer and more prosperous than India... offering to them a large Indian market." These pacts are intended to provide these nations access to India's growing market of 1.4 billion aspirational consumers while channelling much-needed capital into the Indian ecosystem. "They also have significant capital, pools of capital, which they want to deploy. And India is a perfect opportunity," he said. Beyond these broad economic goals, the Minister stressed the importance of building a high-level ecosystem to promote new technologies and adhere to global quality standards. During his visit, Goyal also held an interaction with Claude Smadja, Chairman of Smadja & Smadja, to discuss the government's efforts to bolster infrastructure and simplify the business environment. In a post on X, Goyal said, "Had an engaging interaction with Mr. Claude Smadja, Chairman of Smadja & Smadja, at the India Global Innovation Connect 2026. Highlighted the Modi Government's dedicated efforts to boost infrastructure development, strengthen India's position in global supply chains & enhance ease of doing business while fostering innovation-led growth. He underscored that initiatives such as "Make in India" and various business-friendly reforms are positioning the nation as an increasingly attractive destination for global investment. "Emphasised the scale of opportunities India presents today, powered by initiatives like Make in India, a thriving manufacturing ecosystem & business-friendly reforms, positioning the nation as an attractive destination for global investment," the Minister stated. (ANI)
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