'India will be superpower in...': Piyush Goyal's prediction for Indian economy
"… headline is India is going to be a global superpower in next 25 years" -Piyush Goyal, the union commerce and textiles minister.
The world has recognised that 'India has arrived', union minister Piyush Goyal said Saturday at the Hindustan Times Leadership Summit, painting a positive picture of the country's position among the leading nations of the world.
"In the world today... whether political or business world... people in most parts can see that India has arrived," the minister said.
"The world can see the India story... as an economic narrative and as a nation. Story shows positivity in the mindset of all Indians... it shows an aspirational belief in wanting a better lives for themselves and their amilies. The story also shows political stability and a huge thrust towards a corruption-free society."
Goyal praised an 'energetic and youthful nation' that 'wants the goods things in life (and is) willing to experiment and take risks (to achieve its goals).'
"They (the people of the country) are not afraid of failure...," the union textiles and commerce minister said.
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He said India is the 'bright spot in the world' - it 'not only changes lives and destinies of a billion-and-a-half Indians but also helps world economy grow.
"The bottom line is (that there is) going to be exponential growth and the headline is that India is going to be a global superpower in next 25 years," Goyal said.
The comments come a day after financial ratings agency Moody's cut India's 2022 GDP projection - the second time in as many months - to 7 per cent on expectations that the global slowdown and high domestic interest rates may dampen economic momentum.
In September, it cut the annual projection from 8.8 per cent to 7.7 per cent.
The cut also came as retail inflation increased to 7.41 per cent in September. Wholesale inflation was in double digits for an 18th straight month.
Despite the cut (and that by the World Bank) India is the fastest growing major economy, and recently overtook the United Kingdom to become the fifth-largest economy. Finance minister Nirmala Sitharaman said Friday that the country will become one of the world's top three economic powers in 10-15 years.