India Sets Sights on $30 Trillion Economy by 2047 Amid Resilient Growth

India is working towards becoming a $30 trillion economy by 2047, according to Commerce and Industry Minister Piyush Goyal. This goal was emphasized during discussions with senior leaders of Japanese financial and investment institutions in Tokyo.

The Indian economy recorded a growth rate of 7.7% last year despite global uncertainties, highlighting its strength and resilience. The minister noted that the country's banking sector is robust, with low levels of non-performing assets, expanding middle class, and rising disposable incomes driving sustained economic growth.

Goyal highlighted significant opportunities for Japanese investors in various sectors, including semiconductors, artificial intelligence, data centres, renewable energy, green hydrogen, advanced manufacturing, and digital infrastructure. He emphasized India's commitment to intellectual property protection, availability of high-quality talent, policy reforms, and creating a conducive business environment.

The meeting also explored the potential of GIFT City as a gateway for international capital into India and as a platform for facilitating greater cross-border investment flows between Japan and India. The discussions assume significance in the context of the India-Japan objective of mobilising 10 trillion yen of Japanese private investment into India over the next decade.