Piyush Goyal at The Conclave 2025: "India Marching Towards $35 Trillion Economy By 2047"

Union Commerce and Industry Minister Piyush Goyal on Saturday said that India is firmly on track to become a $30–35 trillion economy by 2047, backed by strong fundamentals, decisive leadership, and the collective strength of its people. He was speaking at the Conclave 2025 session “Trade, Commerce and Beyond” moderated by Rishi Baruah, Director of Pratidin Media Network.

Goyal said India’s rapid economic rise is not accidental but the result of “a decisive leader in Prime Minister Narendra Modi” and the hard work of farmers, workers, technicians, startups, and entrepreneurs across sectors. “Our young India is full of talent, enthusiasm, and aspiration. This collective energy is what is driving the nation forward,” he said, adding that the media must act as a “torchbearer of positivity” in the journey of economic growth.

Inflation and Common Man’s Concerns

Responding to a question on inflation, Goyal said the Modi government has successfully kept price rise under check compared to the double-digit inflation witnessed during the UPA era. “In the last 11 years, we have had the lowest price rise since independence. I recall a time during the Congress-led government when inflation touched 25–27%. Under Prime Minister Modi, inflation management has been a priority. Every month, a group of ministers under Home Minister Amit Shah monitors the situation to ensure the common man is not burdened,” he said.

While acknowledging that fuel and cooking gas prices remain high, Goyal stressed that petrol and diesel rates have not increased in the last four to five years despite global volatility.

Rupee Depreciation and Global Uncertainty

On the falling rupee, Goyal said the decline was not unique to India but part of a wider trend across emerging market economies. “The world is facing a period of uncertainty. Geopolitical tensions and economic volatility have impacted currencies globally. India’s fundamentals remain strong, and the situation will stabilise with time,” he said.

MSMEs vs Startups

The Minister strongly defended the role of MSMEs, calling them the “backbone of the economy.” He recalled starting his own small-scale industry at the age of 17 with an investment of just ₹19.4 lakh. “During the pandemic, we ensured MSMEs had access to collateral-free loans, extended repayment periods, and additional working capital through government guarantees. We are conscious of their role and continuously working to ease compliance, decriminalize laws, and reduce policy burdens,” he said. Goyal also urged media houses to run campaigns that crowdsource ideas to improve ease of doing business.

GST: A Game-Changing Reform

Goyal described the Goods and Services Tax (GST) as a “game-changing reform” that united India economically for the first time by replacing 35+ taxes. He credited Finance Minister Nirmala Sitharaman, state finance ministers, and their teams for the smooth functioning of the system. “Earlier, every small business owner had to fill multiple forms just to transport goods between states. GST simplified all that, reduced rates on essential items, and made business more transparent,” he said.

He further highlighted the Modi government’s focus on Northeast India, noting that the Prime Minister has visited the region over 50 times. “India cannot grow unless the Northeast grows — and this government has made that its mission,” he said, citing historic progress in connectivity and infrastructure.

Assam’s Tea Sector Under Spotlight

Turning to Assam’s tea industry, where production has fallen and growers are struggling with low leaf prices, Goyal dismissed reports of a steep price crash as “misinformation.” He said transparent auction reforms introduced by the government have helped stabilise rates for small growers.

“There has been negative propaganda about tea imports. Imports from Nepal are less than 1% of India’s requirements. As for Kenya, while exports to India may have grown in percentage terms, the base volume is negligible. Moreover, India has imposed maximum import duty on tea to safeguard domestic growers,” Goyal said.

The Minister also pointed to schemes such as the Chai Bagan Shramik Yojana for tea garden workers and highlighted the Centre’s heavy investments in Assam’s infrastructure, including transmission networks and hydropower projects like the Subansiri hydro project.

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