'India poised for $30 trillion economy by 2047 through Centre-state collaboration'

IANS February 13, 2025 361 views

Union Minister Piyush Goyal unveiled an ambitious economic roadmap for India, projecting a $30 trillion economy by 2047 through collaborative efforts between central and state governments. The Global Investors' Meet in Bengaluru highlighted Karnataka's pivotal role in driving technological and industrial growth. Significant investments in infrastructure, innovation, and strategic sectors like semiconductors were announced, underscoring India's potential as a global economic powerhouse. The event celebrated Karnataka's industrial success and recognized key contributors to the state's economic ecosystem.

"India is a prime investment destination globally, backed by democracy, demand, population, digitisation, and diversity." - Piyush Goyal
'India poised for $30 trillion economy by 2047 through Centre-state collaboration'
Bengaluru, Feb 12: Underlining that the progress of states is the progress of the nation, Union Minister of Commerce and Industry Piyush Goyal on Wednesday said that if the Central and state governments work together in a spirit of partnership and cooperation, India will grow into a $30 trillion economy by 2047.

Key Points

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India targets $30 trillion economy through Centre-state partnership

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Karnataka to play crucial role in deep-tech and future industries

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Rs 11 lakh crore allocated for infrastructure development

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75 new airports and 114 waterways planned

Addressing the gathering at the Global Investors' Meet (GIM) 2025 Invest Karnataka event, Union Minister Piyush Goyal assured that the Central government will extend full support to Karnataka in this regard.

He highlighted that last year, Rs 11 lakh crore was allocated for infrastructure development. A Plug and Play model Industrial Smart City is being developed across 8,000 acres in Tumakuru, with the first phase covering 1,736 acres set to be completed by the end of 2026.

Goyal emphasised that India is a prime investment destination globally, backed by five key strengths: democracy, demand, population, digitisation, and diversity.

He announced upcoming projects, including 75 new airports, air connectivity to 120 cities under UDAN-2, 114 waterways, a doubling of existing ports, and the development of 50 tourism destinations -- all of which will benefit Karnataka.

India's exports have now reached $800 billion, with Karnataka playing a significant role in this growth. The central government has allocated Rs 20,000 crore for innovation, Rs 74,000 crore for the Semiconductor Mission, and Rs 2 lakh crore for PLI-based industrial incentives.

Goyal expressed confidence that Karnataka will play a key role in driving deep-tech, fintech, and future industries in the country.

During the Global Investors' Summit, Goyal presented 'Invest Karnataka' Awards to 15 businesses that have made significant contributions to Karnataka's economy and industrial sector.

He also released a compilation of Karnataka's industrial success stories titled 'Karnataka Success Stories'.

Deputy Chief Minister D.K. Shivakumar announced that Rs 1 lakh crore will be invested in solving Bengaluru's traffic congestion. This will include the development of flyovers, bridges, double-decker roads, and new highways.Minister M.B. Patil stated that Karnataka's industry-friendly policies serve as a model for others and that the state is taking significant steps toward sustainable industrial development.

The event was attended by Ministers K.J. George, Dr. Sharanprakash Patil, Priyank Kharge, Dinesh Gundu Rao, N.S. Boseraju, KEONICS Chairman Sharath Bachchegowda, and entrepreneur Nikhil Kamath.

At the event, the late Vikram Kirloskar, a distinguished industrialist, was honoured posthumously with the 'Industrial Legacy' Award. Geetanjali Kirloskar accepted the award on his behalf.

Tags:
India Economy Piyush Goyal Karnataka Investment Economic Growth Global Investors Meet
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