Indian Economy to Grow 8-Fold by 2047, India-EU FTA Nears Completion: Piyush Goyal in Sweden

Union Commerce and Industry Minister Piyush Goyal has said that India’s economy is expected to grow eight times by 2047, riding on the back of decisive leadership, a skilled workforce, and growing global interest. Speaking during his official visit to Sweden, Goyal asserted that India is emerging as a global growth engine, and nations like Sweden are increasingly recognizing the vast economic opportunities the country offers.

“The opportunities, the skills, the potential, the demand, the decisive leadership that India has—seeing all this, even Swedish companies believe that the future lies in India,” Goyal said in Stockholm. He expressed strong optimism about India’s economic future, adding that “the economy, which will grow eightfold by 2047, everyone wants to benefit from that.”

His remarks come at a time when India is aiming to become a developed nation by the time it completes 100 years of independence. Goyal’s eight-fold growth projection underscores the government’s broader vision of boosting GDP, increasing industrial capacity, and expanding global trade partnerships.

 

In addition, the minister provided updates on the India-European Union Free Trade Agreement (FTA), calling it a transformative deal for both regions. According to Goyal, over 50 per cent of the FTA chapters are already completed, and about 90 per cent of the discussions on market access are in advanced stages.

“We are very much on track to achieve that,” he noted. “The main issue still being worked on is resolving non-tariff barriers, which are key to unlocking the full potential of this agreement.”
Sweden’s Minister for International Development Cooperation and Foreign Trade, Benjamin Dousa, also reiterated the importance of addressing both tariff and non-tariff barriers to make the FTA effective and beneficial for businesses on both sides.

The FTA, expected to be concluded by the end of 2025, aims to reduce regulatory hurdles, promote smoother trade flows, and strengthen India-EU economic ties over the long term.


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