‘India ushering in rapid structural reforms to become USD 5 trn economy by 2025’

India is strengthening the entire ecosystem to achieve Prime Minister Narendra Modi’s dream of becoming a USD 5 trillion economy by 2025 through rapid structural reforms, Union Minister Piyush Goyal said on Saturday.

Addressing the Pravasi Bharatiya Diwas conference, the Commerce and Industry Minister said: “We are working simultaneously to bring about a quantum leap in our quality, in our productivity, in our efficiency, so that Indian Industry can truly expand our export basket, making it bigger, better and broader”.

The minister observed that new markets were being explored aggressively to enhance the reach of Indian products globally.

“The Indian diaspora living abroad have more familiarity with consumer markets. You have unique insights into consumer behaviour and can guide Indian Industry to develop customised products for foreign markets,” Goyal said.

The minister said the disruptions due to COVID-19 have made everyone realise that one needs to dare to do great things.

“Otherwise we may lose our ability to be a global leader. This is the philosophy behind Aatmanirbhar Bharat. It is not about closing doors but to open the doors wider to build India’s capability and capacity and our resilience with speed, skill and scale,” Goyal said.

He highlighted that through rapid structural reforms, India is strengthening the entire ecosystem to achieve the Prime Minister’s dream of a USD 5 trillion economy by 2025.

“Our holistic approach consists of improving the ease of starting a business, ease of doing a business, and ease of growing our businesses,” Goyal added.

The minister pointed out that India is growing rapidly and offers a plethora of opportunities for Indians both in India and across the world. “Our wish is that our brothers and sisters from across the world become the first to avail these opportunities.”

“Let us fulfill our duty to our motherland with determination and devotion and develop India into a leader, a participant in resilient global supply chains into a dominant player in international supply trade,” the minister said.