India is set to become the third-largest economy in the world, according to commerce and industry minister Piyush Goyal. He was highlighting the nation’s strong currency, large foreign exchange reserves, and readiness to face global challenges.
At the eighth India Ideas Conclave, Goyal stated that India is proud and determined to undergo a remarkable change. Under Prime Minister Narendra Modi, the country is making significant progress toward this economic goal.
The Indian currency has been stable compared to other major currencies, and the country’s foreign exchange reserves are about $ 675 billion, ranking among the top five worldwide. Goyal also noted India’s effort to support sustainable trade and green technologies, ensuring that economic growth is matched with environmental care. India has made strides in renewable energy, reaching 200 GW of a 500 GW target set for 2030.
Goyal stressed the importance of research and innovation for India’s goal of becoming a developed nation, Viksit Bharat. He encouraged industries to take advantage of a new fund of Rs 1 trillion aimed at boosting private sector involvement in advanced technology and emerging fields. This fund will offer long-term financing to support innovation, and he urged companies to work together with academic institutions to enhance growth in crucial areas.