Industry, government have to partner for India to become USD 5 trillion economy by 2025: Goyal

The industry and government have to partner to achieve the target of India becoming a USD 5 trillion economy by 2025, Union Minister Piyush Goyal said on Tuesday.

The commerce and industry minister also expressed confidence in the capabilities of the business community as well as startups which can make India the top economy globally in the next 25-30 years. 

“But the challenge is for us to accept. When we celebrate 100 years of Independence in 2047, can we all not resolve to be the number one economy in the world?,” Goyal said at a virtual conference organised by the Indian Chamber of Commerce.

Today the world is looking at India as a trusted partner in its quest for resilient global supply chains, he pointed out.  “If we don’t grab this opportunity today, posterity will never ever forgive us. It is our duty. Each one of us has to take this opportunity, make Aatmanirbhar Bharat our mantra, our inspiration, our goal,” Goyal said. 

The minister observed that by being ‘aatmanirbhar’ (self-reliant), India was not closing its engagement with the world, but on the contrary, expanding its participation globally.

“We should import modern technology, equipment which can help us do the job better, produce to scale, better quality, better productivity standards, cost competitive manufacturing in India,” Goyal said. 

By leveraging all this, India can become the “factory of the world, just like we are today recognised as the pharmacy of the world,” he added. 

“We will all work as one, work as a team, industry and government have to partner to truly ensure that we reach our 5 trillion dollar economy target by 2025, 10 trillion dollar maybe in another seven-eight years after that,” the minister added.