Minister Piyush Goyal said India will become a $30 trillion economy in 30 years. But will it help in generating employment?
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00:0030 years from today, confidently we can all expect the Indian economy to be a 30 trillion dollar economy.
00:30Today, India is one of the fastest growing economies in the world, growing at between 8 and 8.5 percent, even in the most challenging times, and you all know how difficult the situation is today.
01:00Where Covid has still not gone away, we are struggling with the effects of Covid-19, we have a very challenging geopolitical situation, there is a war going on, because of which there are huge shortages, particularly in commodity items, there is very high inflation.
01:22Of course, thanks to Prime Minister Narendra Modi, India has still been able to maintain a reasonable level of inflation, most items have been able to maintain prices much better than even the developed world, where inflation has gone up four times from what it was until a year or two ago.
01:48Even in such challenging times, different estimates of growth suggest that the Indian economy will grow between 7.2 to 7.5 percent.
02:00And therefore, I am confident about the future of India.
02:06Prime Minister Modi is confident about the future of India.
02:10I am sure every person in Tirupur is confident about the future of India.
02:18But then there are some naysayers, I don't think they even understand the power of our youth, the power of our hard-working Indians.
02:30But if India grows at 8 percent, if India grows at 8 percent every year, on a compounded annual growth basis, the economy will double in about 10 years' time.
02:54At 8 percent growth, the Indian economy will double in about 9 years, the actual calculation comes to about 9 years.
03:06And that's a mathematical calculation, anybody can do it, we don't need any outsider to come and tell us how the maths will work.
03:15But if India grows at about 8 percent every year, 9 years from today, we are already a 3.2 or 3.3 trillion dollar economy, 9 years later, we will be about 6.5 trillion dollar economy.
03:37Another 9 years later, that is 18 years from now, we will be about 13 trillion dollar economy.
03:49And then another 9 years after that, that is 27 years from now, we will be at 26 trillion dollar economy.
04:00So if 27 years from now, we are at 26 trillion dollar economy, then obviously 30 years from today, confidently, we can all expect the Indian economy to be a 30 trillion dollar economy.