Piyush Goyal says “continuous efforts” by PM Modi’s govt raising India’s economic stature

Citing the latest ‘The Great Powers Index: 2024’ report of veteran investor Ray Dalio which asserted that India will witness strong economic growth over the next decade, Union Minister Piyush Goyal said these forecasts are testament to the Modi government’s continuous efforts to further strengthen the economy.

In the ‘The Great Powers Index: 2024’ report, the founder of Bridgewater Associates projects India to witness the strongest real growth over the next 10 years outpacing major global economies.

“This is another testament to the Modi Government’s continuous efforts to further strengthen our macroeconomic fundamentals and achieve the goal of Viksit Bharat by 2047,” Piyush Goyal wrote on X, attaching an infographic that showed the growth outlook of various countries, including India.

Goyal headlined his X post “Bharat on the rise”

As for economic growth prospects, the report published recently said India is projected to see the strongest real growth over the next 10 years (about 6 per cent), due to competitive labour, high rates of investment, and favourable culture, with Indonesia, Turkey, China, and Saudi Arabia following as the fastest growing of the major economies.

The key strengths of India are its strong economic and financial position, its cost-competitive labour, and its people’s self-sufficiency and strong work ethic.

Among its weaknesses are its bad reading on innovation and technology, its corruption and inconsistent rule of law, and its lack of reserve currency status, the report read.

“In particular, India’s innovation and technology, its importance as a financial centre, and its relative military strength are strengthening,” the report read.

The report added that India is in a highly favourable position in its economic and financial cycles, with a low debt burden and high expected real growth over the next 10 years.