Piyush Goyal: Expanding Global Trade Key to India’s $30 Trillion Economy Vision by 2047
India outlines partnership driven growth model, highlights FTAs, demographic advantage, and innovation led reforms
India, June 12 : India should deepen its global engagement to achieve its ambition of becoming a USD 30 trillion economy by 2047, Union Commerce and Industry Minister Piyush Goyal has said.
Addressing the closing session of the 5th Annual Meeting of the India Global Innovation Connect, Goyal stressed that India’s growth strategy is driven by collaboration rather than competition. He said the country’s long-term economic expansion depends on building strong partnerships with advanced economies that can complement India’s industrial capabilities.
Reiterating the government’s long-term vision, the minister said India is on course to become a developed nation by 2047, with the economy projected to reach the USD 30 trillion mark. He noted that such growth would require significantly higher international engagement across trade, investment, and technology.
Goyal pointed out that several developed nations are facing ageing populations and skill shortages, creating opportunities for India to supply skilled talent and services. He added that rising costs of research and production in these economies make collaboration increasingly necessary.
Highlighting India’s global positioning, he said countries such as the United States, Canada, Israel, Gulf nations, Australia, New Zealand, and Europe are not competitors but potential partners in India’s growth journey. According to him, these economies possess capital and advanced technology, while India offers scale, workforce strength, and a large consumer market.
The minister also noted that India has signed nine free trade agreements in the past 3–3.5 years, covering 38 countries. These agreements, he said, strengthen access to global markets while attracting investment into India’s expanding economic ecosystem.
He further underlined that initiatives like “Make in India” and ongoing reforms are improving ease of doing business and positioning India as a major hub for global manufacturing and innovation led growth.
