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India to be 3rd largest economy in next 3 to 4 years: Piyush Goyal


New Delhi, July 10: Commerce and Industry Minister Piyush Goyal on Wednesday said India will be the 3rd largest economy in the next 3-4 years while the country’s exports would scale the $ 2 trillion export target by 2030.

Addressing the FICCI national executive committee meeting here, Goyal said: “With the rapidly growing start-up India initiative, growing infrastructure, investments in manufacturing which are creating a lot of opportunities for trade, business, jobs and exports. We will be the 3rd largest economy in the next 3-4 years.”

He also observed that the direction in which India was moving forward deeply resonates with what the industry wanted. India has a lot of untapped potential as the country heads towards becoming a global manufacturing hub. He said that the government was working on getting India into global value chains, creating more and more global capacity centres working out of India so that services exports could be increased further.

“The government along with industry remains deeply committed to achieving $ 2 trillion export target by 2030. It is doable, achievable, with the right building blocks in place along with a strong macro economy to support it,” the minister said. He asserted that in order to achieve the ‘Viksit Bharat’ vision, the industry has to come forward to collaborate and invest more in R&D, innovation and sustainability.

The government, he added, is in the process of finalising the ‘Jan Vishwas 2.0’. “How can we converge industry’s interest with national goals. A lot more needs to be done but we need you (industry) to come forward and give a balanced view on what is necessary along with the pain points regarding decriminalisation and reducing the compliance burden,” he noted.

Anish Shah, President, FICCI and Group CEO & Managing Director, Mahindra & Mahindra highlighted the efforts undertaken by the government to make India a manufacturing hub. He also stated that substantial steps have been taken to lower the cost of doing business and improve the ease of doing business.

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