India is well on track to become a $30-35 trillion economy in the next two decades, said Piyush Goyal, Minister of Commerce and Industry, India at The Times Group ET NOW Global Business Summit 2025. Outlining India`s long-term economic vision, he continued, Our focus on innovation, entrepreneurship, and inclusive growth will ensure that this vision becomes a reality.
The Minister of Commerce and Industry emphasised that India will emerge as the world`s third-largest economy sooner than anticipated, citing the nation`s rapid economic progress. India is currently the fifth-largest economy and has proven to be an oasis of stability in a volatile world. Our strong macroeconomic fundamentals, record-high forex reserves, and well-managed current account balance are key indicators of this resilience, he noted.
Highlighting India`s remarkable economic path, he said the country`s rising global influence, is due to its push for manufacturing and innovation, and the government`s commitment to inclusive, women-led development.
Discussing India`s rising global influence, the Minister of Commerce and Industry informed, Today, we are the voice of the Global South, shaping international trade and economic policies. He also pinpointed India`s manufacturing potential, stating, Our robust industrial ecosystem and our relentless focus on self-reliance are making India a global manufacturing powerhouse.
On the Startup revolution, he remarked, India is now home to the world`s third-largest Startup ecosystem, with over 115 unicorns and 160,000 registered Startups. Our young entrepreneurs are redefining business and technology, proving that India is a land of limitless opportunities.
Speaking on India`s infrastructure transformation, he said, The last decade has seen an unprecedented surge in infrastructure development”modern highways, world-class airports, expanding railway networks, and urban metros are driving economic growth at an accelerated pace.
Goyal also highlighted the critical role of women in India`s economic rise, stating, The rise of India`s women is at the heart of our growth story. Female participation in the workforce has increased from 11% a decade ago to nearly 45-50% today. Nari Shakti is shaping India`s future.
The Times Group ET NOW Global Business Summit 2025 Day 2 continues to be as impactful as the first day with the interesting session, furthering the important conversations around India`s role in the global economy. Leaders focused on India`s strengths in innovation, entrepreneurship, and self-reliance, underlining the summit’s theme, ˜Evolve, Emerge, Expand,` and setting the stage for forward-thinking discussions that will influence industries, economies, and societies.