Union Minister Piyush Goyal highlights the importance of Small countries in the Global Supply Chain at ‘IMC India Calling Conference – 2023’

India should aim for 47 trillion dollar economy in 2047: Piyush Goyal

IMC India Calling 2023 begins with theme – Rising India; Inviting Partnership for growth

Union Minister for Commerce and Industry, Piyush Goyal, delivered the inaugural address at the ‘India Calling Conference 2023’ organized by the Indian Merchants Chamber in Mumbai. During his address, he highlighted the contribution of companies from small countries, such as the Czech Republic and Poland, to the supply chain of big companies around the globe.

Minister Goyal appealed to all to aim for a 47 trillion dollar economy when India reaches the year 2047. He added that India has tried to formalize the economy and has met with great success. The spirit of team, competitiveness, and positivity are necessary for success, and that kind of spirit can be seen in Mumbai, which is not only the financial capital but also the fun capital of India, he added.

Minister Goyal said that every single geography in the world has a lot of hope and expectation from India, and though it can be sometimes daunting, it shows the confidence of the world in India’s future. He said, “India reflects the vision of the world as one Economy. While Commerce Industry teams are negotiating Free Trade Agreements with a deep focus on protecting India’s interest, India believes that true prosperity happens when the whole world prospers. India believes in Vaccine Maitri under which it delivered 278 million doses to poorer countries mostly free because India feels safe when the world is safe.”

The Minister further added that the ‘Panch Pran’ given by the Prime Minister can be realized only if it becomes the commitment of the entire nation. He emphasized that the vision of a developed India will not be possible without the ‘Nari Shakti’ of India and a corruption-free nation. He applauded the commitment of the industry to social causes and said that all of us are determined for a better future for India

During the conference, Dinesh Joshi, Chairman, IMC International Business Committee, highlighted the success story of ‘Make in India’ initiative, where India has turned out to be one of the most favored manufacturing hubs. He mentioned that India’s smart phone exports have increased from zero to 90,000 crores, and centers of excellence are being set up for the manufacture of electronics, pharma, textiles, and solar manufacturing. He also noted that India has made considerable progress in sectors such as defense, space, hydrogen energy, and fintech.

Anant Singhania, President, IMC, in his welcome address, said that India is now the 5th largest nation by GDP, up from 10th place since 2014. He highlighted the government’s initiatives to link ordinary Indians to their electronic identity through a set of digital services, which has caused the cost of technology to drop. This and the conducive ecosystem created by the Government of India have transformed the startup scene in India, making India the world’s third-largest startup hub, he observed. He also noted how India has gone from creating 1 Unicorn/year to 42 Unicorns in 2021 and in a span of 10 years emerged as the number 1 mobile data consuming nation.

Union Minister Piyush Goyal also extended an invitation to those present to join him in listening to the 100th episode of Mann Ki baat on April 30.