'India on path to becoming USD 30-trillion economy by 2047', says Union Minister Piyush Goyal

Piyush Goyal, the Union Minister of Commerce and Industry, on Friday, highlighted India's development strides and asserted that India is on the path to becoming a developed nation and a USD 30-trillion economy by 2047. 

While speaking at the 25th Bengaluru Tech Summit, the Union Minister said the Centre is encouraging small businesses by providing equal opportunities by flagging off the open data e-commerce system which is also originating from the tech city of Bengaluru.

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Goyal said Bengaluru is emerging as the Silicon Valley of the east with a huge ecosystem comprising technology companies, research and development centres, centres of excellence, incubator centres, and venture capital funds. Karnataka and Bengaluru are the flagbearers of India of tomorrow, he added.

Referring to India taking the presidency in the G20 meet starting December 1, he said under Prime Minister Narendra Modi's leadership the country has got a golden opportunity to showcase its strength. He said in the post-Covid era many countries were facing high inflationary pressures in their economies but added that India has managed to stay afloat and keep the inflation under check.

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Goyal said start-ups were playing the role of booster doses in leading an economic recovery. Karnataka Chief Minister Basavaraj Bommai said Bengaluru would emerge as the financial capital of the country in the next five to ten years and added that they are no impediments to realise this potential. He said Bengaluru had lived up to its cosmopolitan nature contributed largely by the talent pool, technology, processes, vision statement, and objectives.