Commerce and Industry Minister Piyush Goyal has declared with unwavering confidence that "no power on earth can stop India from becoming a developed nation by 2047". Speaking at the 6th edition of the Global Fintech Fest (GFF) in Mumbai on Wednesday, October 8, 2025, Goyal outlined the government's multi-pronged approach to propel the nation's economic ascent.
Goyal emphasized that India's transformation from a participant in global technology to a key architect is underway. He credited the nation's digital public infrastructure, indigenous 4G and 5G technology, and robust connectivity ecosystem as key drivers. He noted that these advancements extend even to highways, where some advanced economies still face challenges.
The Minister highlighted Prime Minister Narendra Modi's leadership in embracing modern technologies, which he said has shaped India's path as a trusted global partner. He stressed that technology has become a major driver of inclusive growth, enabling the delivery of services to the most vulnerable. He also acknowledged the significant milestone of having over a billion internet users, made possible through collaboration between industry and government.
Goyal highlighted the government's commitment to strengthening India's macroeconomic fundamentals and welfare initiatives for the underprivileged. He noted India's progress from the 11th to the 5th largest economy globally under Prime Minister Modi's leadership, with projections placing it as the 3rd largest by 2027. He stated that the government has successfully revamped the country's macroeconomics, evidenced by significant growth in foreign currency reserves and stable currency performance.
Goyal pointed out that India has experienced its most prosperous decade in the past 75 years, marked by reduced inflation and controlled interest rates. He contrasted this with the "broken economy" the government inherited in 2014, emphasizing the transformation from a struggling nation to a key player in geopolitics.
The Commerce and Industry Minister also touched upon India's growing role in the fintech world. He asserted that the world now views India with trust and confidence, recognizing its high-quality talent, skills, goods, and services, as well as its commitment to timely delivery.
Piyush Goyal has previously stated the government's ambition to increase the current $3.7 trillion economy to $30-35 trillion by 2047 while ensuring food and energy security for the nation. He has also expressed confidence that India can replicate or surpass China's economic growth story from 2000-2020.
