India Starts Path Toward $30–35 Trillion Economy by 2047

Mumbai, February 18 : Commerce Minister Piyush Goyal on Wednesday outlined India’s approach to economic diplomacy, saying engagement, trust and negotiating from a position of strength have guided the country’s recent trade achievements.

Speaking at the Global Economic Cooperation Summit in Mumbai, Goyal said economic diplomacy requires close interaction with partners rather than distance. He added that India is actively building alliances and aligning trade and investment priorities with global partners.

The minister said the government is working towards making India a USD 30–35 trillion economy by 2047 and entering the league of developed nations. He noted that such growth would depend on stronger global engagement and expanded trading arrangements.

According to him, modern economic diplomacy focuses on increasing trade, attracting investment, accessing advanced technology and creating opportunities for Indian youth and businesses in global markets.

Goyal said trust has been central to India’s recent progress in concluding multiple trade agreements, some of which had been under discussion for nearly two decades. He noted that mutual confidence between negotiating partners helps ease complex trade discussions.

He added that India has signed several agreements since 2022 while negotiating from a position of strength and focusing on long-term economic gains.

At the same time, the minister said national interests remain a priority, with safeguards for farmers, MSMEs, fishermen and employment built into negotiations. He pointed out that the dairy sector has not been opened to any country.