Commerce Minister cites India’s young population, expanding consumer market and entrepreneurial spirit as key drivers of long-term growth; calls for collective efforts to achieve developed-nation status by 2047.
New Delhi, Oct 15: Union Commerce and Industry Minister Piyush Goyal has expressed confidence that India will remain the world’s fastest-growing major economy for the next two to two-and-a-half decades, citing its demographic advantage, expanding domestic market and growing global economic influence.
Addressing the SRCC Centenary Conclave in New Delhi on Thursday, Goyal said India was increasingly attracting international attention as countries recognised the potential of its young, ambitious population and its growing role in technology, trade and global economic development.
“The world wants to engage with India today because they recognise the young aspirational India is going to lead global growth,” the minister said, adding that the country could emerge as a major engine of technological advancement and international trade.
Young Population, Large Market to Drive Growth
Highlighting India’s long-term economic prospects, Goyal identified its demographic dividend, entrepreneurial energy and large consumer base as key strengths that could sustain growth over the coming decades.
He said these advantages would not only influence India’s economic trajectory but also shape its role in the evolving global economy.
“We will continue to be the fastest-growing large economy in the world for the next 20-25 years,” Goyal said, expressing confidence in the country’s ability to maintain its growth momentum.
His remarks come amid India’s broader ambition to strengthen its position in global manufacturing, expand international trade and attract investment across key sectors.
Collective Effort Needed to Achieve Developed-Nation Status
The minister also stressed that India’s ambition to become a developed nation by 2047 would require sustained participation from citizens across all sections of society.
Emphasising individual responsibility and public participation, Goyal urged people to move beyond a mindset of avoiding challenges and take an active role in the country’s development.
“There’s a very large segment of people that is running away from the problems. They are not willing to accept that our destiny is in our own hands,” he said.
He added that achieving the developed-nation goal would depend on collective determination and a willingness to contribute to nation-building.
India’s Growing Global Economic Role
Goyal said the ambition to pursue larger goals had become a defining feature of modern India and was contributing to the country’s rising international standing.
As global economic and technological priorities evolve, India’s young workforce, domestic demand and entrepreneurial ecosystem could provide important advantages. However, sustaining rapid growth over the long term will also depend on productivity, job creation, infrastructure, investment and the ability to translate economic expansion into broader improvements in living standards.
The minister’s remarks underline the government’s confidence in India’s long-term economic potential, with the 2047 developed-nation vision serving as a central milestone in its development agenda.
