Image: Republic World
At Republic Media Network's 'India Economic Summit', Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles Piyush Goyal said that the depreciation of the Rupee will decrease significantly going forward as India is looking at a "holistic growth across sectors".
"Given our huge potential in different areas be it manufacturing, industry, agricultural produce, and the very vibrant and strong services sector, India is looking at holistic growth across different sectors," Goyal said.
The Union Minister stated that he personally feels that the depreciation of the rupee will decrease "significantly" going forward. He also stated that based on the simple elementary growth, India will become a $30 trillion economy by 2047 with every Indian citizen having a per capita income of $20,000.
"I personally feel that depreciation of the Rupee will decrease significantly going forward. Over the last decade, we have seen overall depreciation in the last eight to 10 years in the region of 2 to 2.5 %. When we do the maths, based on this simple elementary growth India sees, we come to a $30 trillion economy by 2047 which translates to $20,000 per capita income for every Indian citizen," Union Minister Piyush Goyal said.
Further, he noted that India is the fastest-growing economy in the world and will become the engine of global growth within a century.
"India today is the fastest growing economy in the world. We are also facing all the challenges, all the stress with the geopolitical situation in the world soon after we barely got out of the pandemic. The fact is that inflation is higher than four to five times in most developed countries. The fact is that most countries have seen huge erosion in their currencies vis-a-vis the dollar. The fact that across the globe, economic growth has come down significantly,'' Piyush Goyal explained.
'In all these circumstances, India continues to lead economic growth and in fact is expected in the next few decades, possibly the century, to become the engine of global growth," the Union Minister of Commerce & Industry further stated.