India Poised to Become World's Third-Largest Economy, Says Minister Piyush Goyal To foster advancements in emerging technologies, the government has launched a INR one trillion fund aimed at deep tech and sunrise sectors.
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India is on a transformative trajectory to emerge as the world's third-largest economy, driven by economic stability, robust foreign exchange reserves, and a readiness to tackle global challenges, according to Commerce and Industry Minister Piyush Goyal. Speaking at the eighth edition of the India Ideas Conclave on Friday, Goyal highlighted the nation's growing global stature under Prime Minister Narendra Modi's leadership.
"Today, India stands proud, resilient, and determined on the cusp of an extraordinary transformation. Under Prime Minister Narendra Modi, the nation is well on its way to becoming the third-largest economy in the world and is prepared to meet global challenges," Goyal stated. He emphasized that the country's economic resilience, supported by strong policy frameworks, positions it as a leader in the global arena.
The Indian rupee has demonstrated remarkable stability, remaining one of the least volatile currencies among major global economies. India's foreign exchange reserves, which currently stand at approximately $675 billion, rank among the top five globally, reinforcing its financial strength.
Sustainability and innovation
Goyal stressed India's commitment to sustainable development, highlighting the country's advancements in renewable energy. With a goal to achieve 500 GW of renewable energy capacity by 2030, India has already reached 200 GW, reflecting substantial progress toward balancing economic growth with environmental stewardship.
Innovation and research remain critical to India's journey toward becoming a developed nation, or Viksit Bharat. To foster advancements in emerging technologies, the government has launched a INR one trillion fund aimed at deep tech and sunrise sectors. This initiative seeks to boost public-private partnerships and collaboration with academia to scale up innovation in critical areas.
"I urge industries to leverage this fund to drive innovation and capitalize on opportunities in the global economy," Goyal said, emphasizing the importance of private sector participation.
India's robust economic policies, coupled with a focus on sustainability and innovation, underline its readiness to navigate and excel in the global landscape. With a strong currency, substantial forex reserves, and strategic investments in future-ready sectors, the nation is poised to cement its position as a leading economic power.
The India Ideas Conclave served as a platform to showcase the country's progress and reinforce its commitment to sustainable and inclusive growth, signaling a new era of opportunities on the global stage.
