MoC : India on its way to
become $30 trn economy, developed nation by 2047: Goyal
Union Minister for
Commerce and Industry Piyush Goyal said India is on track to become a developed
nation. He added that India will be a $30 trillion economy by 2047, becoming
one of the top economies of the world.
Speaking at the
valedictory function of the Bengaluru Tech Summit 2022, Goyal said that ONDC
(Open Network for Digital Commerce) is a game-changing initiative which aims to
democratise e-commerce to give equal opportunity to start-ups and young
entrepreneurs, big and small, to engage with e-commerce.
He also said that
Bengaluru will have a huge role to play in ONDC. When this becomes a public
good and finds acceptance at the global stage, people will remember that it all
started through the testing done in Bengaluru.
In a press conference
earlier, Goyal had said, The ONDC has that ability to transform the e-commerce
sector not only in India, but also in the whole world because, like UPI, it
will democratise or make e-commerce available to the common man and connect the
60 million or six crore small retailers all over the country.
At the tech summit, he
further stated that start-ups today are playing the role of a booster dose in
the post-pandemic recovery that India is leading from the front, despite
geopolitical challenges that have affected the economy.
Countries across the globe
are witnessing inflation, getting into the recessionary mode, he said.
Against all these
challenges, it is our bright youth who are helping India lead the global
The commerce minister
said Bengaluru and Karnataka will be the flag bearers of India's tomorrow as a
science and technology destination and a global IT hub. The union minister said
Bengaluru is emerging as the Silicon Valley of the east with a huge ecosystem
comprising technology companies, R&D centres, centres of excellence, incubator
centres and venture capital funds.
Talking about India
taking the presidency in the G20 meet starting December 1, Goyal said under
Prime Minister Narendra Modi s leadership, the country has got a golden
opportunity to showcase its strength.
He also said that the
large population today is a boon. We have scale, the demographic dividend but
we need efforts and ideas that can enjoy the fruits of this scale. You have the
opportunity to be cost-effective and to convert into high valuations.
Start-ups will help
create the mindset for quality in our country, he emphasised. Sustainability
and clean energy will resonate with our start-up ideas with a consciousness to
be responsive to the challenges of climate change so that we respect
inter-generational equity, he added.