TAMIL NADU: Piyush Goyal, the minister of Commerce and Industry said on Sunday that India is one of the fastest-growing economies in the world and it is expected to reach USD 30 trillion in the coming three decades.
Addressing exporters in Tiruppur, Tamil Nadu, the minster remarked that if India grows at a compound annual growth rate of 8% annually, the economy will double in nine years. The country's GDP is currently worth over USD 3.2 trillion, and in 9 years it will be worth approx USD 6.5 trillion, he said.
Goyal predicted that in another nine years, i.e, 18 years from now, our economy will be around USD 13 trillion, then another 9 years after that, i,e 27 years from now, the economy will be around USD 26 trillion. We can all expect that the Indian economy will be a USD 30 trillion in 30 years.
Goyal continued, "Naysayers have questioned these data, but they should visit locations like Tiruppur to see the significant increase in the growth of sectors like textiles." He added that Tiruppur, which used to export items for only Rs 15 crore 37 years ago, has developed into a major centre for the world apparel industry.
Goyal, who also holds the portfolio for textiles, cited the need to establish 75 such textile cities around the nation in claiming that the sector generates a significant amount of job possibilities.
"The textiles industry has enormous potential for job and investment growth, the minister said. The current industry size is approximately Rs 10 lakh crore, and exports are approximately Rs 3.5 lakh crore. Given its potential, the sector aims to reach an industry size of Rs 20 lakh crore and exports of Rs 10 lakh crore within the next five years.