Indian economy will double in next 9 years: Piyush Goyal

INTERNATIONAL DESK: India is one of the fastest-growing economies in the world and is expected to double in the next nine years to a 6.5 Trillion economy. It is expected to reach USD 30 trillion in the coming 30 years, said Union Commerce and Industry Minister Piyush Goyal on Sunday.

“If India grows at 8 per cent every year on a compounded annual growth basis, the economy will double in about nine years, he said. The country’s economy at present stood at about USD 3.2 trillion and in nine years from today, it will be about USD 6.5 trillion,” he said.

Goyal said that in another nine years, that is 18 years from now, “We will be about USD 13 trillion economy and then another nine years after that, that is 27 years from now, we will be a USD 26 trillion economy. 30 years from today, confidently we can all expect that the Indian economy will be a USD 30 trillion economy.”

Goyal further said that some “naysayers have raised questions on these numbers but they should come to places like Tiruppur to see the significant jump in the growth of sectors like textiles”.

He also said that Tiruppur has become a global apparel hub and is exporting goods worth over Rs 30,000 crore from Rs 15 crore 37 years back.

Citing the need to create 75 such textile cities in the country, Goyal, who also holds the textiles portfolio, said the textile industry creates huge job opportunities.

“Huge job and investment opportunities can be created in the textiles sector. There is immense potential in the sector,” the minister said.

Goyal said the industry size at present is about Rs 10 lakh crore and exports are about Rs 3.5 lakh crore. Given the potential, the industry targets reaching Rs 20 lakh crore in terms of industry size and Rs 10 lakh crore exports in the next five years. (ANI)