India’s Developed Nation Status Well Within Reach Says Piyush Goyal

Mumbai: Commerce and Industry Minister Piyush Goyal on Wednesday said that no power on earth can stop India from becoming a developed nation by 2047, with the government taking a series of initiatives to promote the domestic economy, build infrastructure and expand global trade.

Speaking at the 6th edition of the Global Fintech Fest (GFF) 2025 here, the Minister also said that the world now looks upon India with trust and confidence as the country guarantees high-quality talent, skill, goods and services, and a commitment to timely delivery.

“Viksit Bharat cannot happen without the adoption of technology,” positioning the sector at the forefront of the country’s economic

surge. India has evolved from a $300 billion economy three decades ago to a $4 trillion powerhouse today, the world’s fourth largest, and is on track to become the third largest soon, he said. “We aspire to be a 32 trillion dollar economy by 2047,” Goyal said, adding that “our friends from the finance world can quickly do the math, and you can see that we are well in the realm of possibility to do it.”

From being a participant to now being a principal architect of the fintech world, India leads global initiatives, he added.

Goyal credited Prime Minister Modi’s leadership and his Viksit Bharat 2047 vision for empowering 1.4 billion citizens through affordable data, clean energy, and AI-driven opportunity. With exports growing despite global headwinds and UPI expanding to nine countries, India is now seen as a dependable partner for talent, services, and timely delivery, he said. He said India’s trade relations with developed nations are deepening, with exports of goods and services combined estimated to have grown 4-5 per cent.

“India today stands at an inflection point, a trusted global partner with low taxes, strong institutions and a focus on empowering

consumers,” Goyal said, adding that the country’s digital transformation will be central to sustaining momentum.