India’s Path to Development by 2047
Piyush Goyal’s Vision for the Future
Union Commerce and Industry Minister Piyush Goyal spoke at the SHRM event, emphasizing India’s transformation over the past decade and its goal to become a developed nation by 2047. He highlighted India’s progress in economic growth and technology, urging youth and corporate leaders to contribute to the nation’s future.
India’s Economic Growth
Goyal noted India’s journey from being part of the fragile five economies to becoming the world’s fifth-largest economy, with aspirations to be the third-largest. He praised India’s rapid technological advancements, especially in the telecom sector, where 5G has been rolled out in 125 cities faster than any other country.
Achievements in Renewable Energy
India has achieved its 2030 renewable energy target eight years early, moving towards sustainability and electric mobility. Goyal believes these efforts will improve the quality of life globally.
Vision for 2047
Goyal envisions India as a USD 30 to USD 35 trillion economy by 2047, a developed and prosperous nation. He encouraged aligning efforts with Prime Minister Narendra Modi’s vision.
Doubts Revealed
Piyush Goyal -: Piyush Goyal is an Indian politician and the current Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles. He plays a key role in shaping India’s economic policies.
Developed Nation -: A developed nation is a country with a high level of economic growth, advanced technology, and a high standard of living for its people. India aims to achieve this status by 2047.
2047 -: The year 2047 marks 100 years of India’s independence from British rule. It is a significant milestone for India to aim for becoming a developed nation by then.
SHRM event -: SHRM stands for Society for Human Resource Management. It is an organization that focuses on human resource management and hosts events to discuss related topics.
Fragile five economies -: The ‘fragile five’ refers to a group of emerging market economies that were considered vulnerable to economic instability. India was once part of this group but has since improved its economic standing.
USD 30 to USD 35 trillion economy -: This refers to the goal of increasing India’s total economic output to between 30 and 35 trillion US dollars by 2047, indicating significant economic growth.
Prime Minister Modi’s vision -: Prime Minister Narendra Modi’s vision includes making India a strong, prosperous, and developed nation. It involves various initiatives to boost the economy and improve living standards.
