India would be a $30 trillion economy by 2047—Piyush Goyal

India is headed to  become a $30 trillion economy by 2047, riding on transformative initiatives that are being taken to reboot the economy, Commerce and Industry Minister, Piyush Goyal has said.

Seeking support from top innovators at the San Francisco Bay Area, known for its famed Silicon Valley for the rise of a New India, Goyal said that the world was about to witness not just India’s decade, but India’s century.  In his interaction with the faculty and students of  the Stanford School of Business in San Francisco, the minister said that from the current value of $675 billion, India aspired to advance its trade to $2 trillion by 2030.

 

Separately, in his meeting with venture capitalists in the San Francisco Bay Area, Goyal sought their participation in raising  the Indian start-up ecosystem to international standards. “Held an engaging interaction with venture capitalists in the San Francisco Bay Area. Encouraged them for deeper engagements & greater partnerships with the vibrant Indian start-up ecosystem”, the Minister tweeted. He also encouraged them to consider mentorship of early-stage Indian start-ups to help them scale and succeed.

Incidentally, Goyal’s visit to the Bay Area echoes China’s outreach to San Francisco to trigger reforms during the Deng Xiaoping era—a process which led to the development of Schengen, near Hong Kong,  as the country’s hi-tech capital.

Interacting with the media later, Goyal spotlighted  the government’s Self Employment and Talent Utilization (SETU) scheme  to improve mentorship of start-ups. He added that the Start-up Advisory Council, which had been established, was focusing on mentorship in tier 2 and 3 cities.

There were two other hi-tech areas that were under Goyal’s radar during his visit to the area. One was cyber-security, highlighted with his meeting with Jay Chaudhry, the CEO of the  cyber security company Zscaler. He pointed out that partnerships with cyber security companies in the Bay Area would bring faster success in the endeavour.

 

Second, the minister stressed India’s commitment to foster semiconductor manufacturing in India. “We already have a good ecosystem in design and several elements of the SC chain. We are in dialogue with many companies and several of them have shown keen interest in investing in India,” he observed.