New Delhi [India], November 14 (ANI): Prosperity through technology, trust through righteousness and trade through capability will guide India’s journey to becoming a developed economy by 2047, Union Minister of Commerce & Industry, Piyush Goyal said on Friday.
Speaking at the Inaugural Session of the 30th CII Partnership Summit – 2025 held in Visakhapatnam, he said these three principles will steer India’s rise from a USD 4 trillion economy to a USD 30-35 trillion economy by the time the country celebrates 100 years of independence.
He stated, “Let me share what guides our journey from a USD 4 trillion economy to a USD 30-35 trillion economy by 2047, when we will celebrate a developed nation, a prosperous India, celebrating 100 years of independence. Inspired by Chanakya’s Arthashastra, I present three pillars that define Bharat’s approach to navigating the new geoeconomic order”.
Explaining the first pillar, prosperity through technology, he said India’s technology story is one of democratization and trade, marked by scale, speed, talent and skill.
He highlighted how digital public infrastructure today serves 1.4 billion people. UPI processes nearly half of all real-time payments globally and is being adopted by multiple countries.
Aadhaar provides a digital identity to every Indian. He added that India is building a complete semiconductor ecosystem with a current USD 30 billion investment and growing. Under the India AI mission, artificial intelligence is being democratized for every citizen.
He said that 1 billion Indians are now connected to the internet and that India has the second-largest user base of ChatGPT.
On the second pillar, trust through righteousness, Goyal said trust is the most valuable currency in the new economic order. He noted that India has emerged as a trusted global partner through consistent and principled engagement. During the COVID-19 pandemic, India supplied vaccines and medicines–most often free of cost–to over 100 countries.
This, he said, is the model India aims to follow in practice. He also pointed to the country’s expanding free trade agreements, including the recently signed pact with the United Kingdom and the operationalized FTA with the four-nation EFTA bloc of Switzerland, Norway, Liechtenstein and Iceland.
Highlighting the third pillar, trade through capability, the minister said India’s trade performance last year was remarkable. He noted that exports crossed 825 billion dollars for the first time despite global headwinds. FDI flows stood at a record 81 billion dollars, reflecting investors’ trust in India.
He said these achievements stem from efforts to build domestic capabilities through the Make in India programme, infrastructure development at scale, diversification of markets across multiple countries and moving up the value chain with technology investments.
Goyal said these three principles will continue to guide India’s economic journey as it progresses toward developed-nation status by 2047.
Visakhapatnam is hosting the two-day CII Partnership Summit, a flagship event of the Andhra Pradesh Government, which officials say is poised to play a pivotal role in accelerating the state’s development.
The summit began on Friday, drawing more than 3,000 delegates from over 50 countries, including ministers, diplomats, global CEOs, industry leaders and representatives of major international organisations.
According to state officials, the government anticipates that MoUs amounting to nearly Rs 10 lakh crore may be signed during the event.
A day ahead of the summit, the state government had already entered into MoUs worth Rs 3.65 lakh crore in the presence of Chief Minister N. Chandrababu Naidu, boosting expectations of large-scale investment inflow. (ANI)
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