India Will Add $30 Trillion To World Economy In 25 Years: Piyush Goyal

India is looking at growing from $3.5 trillion to $35 trillion in the next 25 years and it will add $30 trillion to the world economy, according to Union Minister of Commerce and Industry Piyush Goyal.

"This resurgent India today, offers a beacon of hope that nothing is impossible...By 2047, we will be a developed nation with inclusive growth for 140 crore Indians," Goyal said.

The minister was speaking at the inaugural session of the day-long 'Decoding G20 Conclave' by NDTV in New Delhi.

In a recent public address Prime Minister Narendra Modi had claimed that India would become the world's third largest economy in Bharatiya Janata Party's third term in government. According to economists, this is a likely outcome considering India's growth potential and the estimated growth rate.

Lauding the scientists' efforts, Goyal said that the success of Chandrayaan-3 shows what a new, confident and emerging India everyone is seeing on the world stage. In the context of G20, it is the country's strength on the global stage, and all world leaders from trade and industry, were in awe of India's leadership skills, he said.

"The G20 groupings represent nearly 85% GDP of the world...Even the B20 was represented by 55 countries and was one of the largest business engagements held in the world in a while," the minister said.

B20 is the official G20 dialogue forum with the global business community. It is being held in New Delhi from Aug. 25 to 27.

Addressing the import restrictions on laptops, the minister said that it is a matter of perspective whether it is protectionist duties or fair and equitable trade practices. Laptop restrictions emerge out of security concerns, he said. "India is not a protectionist country, but it respects that there have to be transparent rules of trade."

The country has consistently taken a stand that this is not an era of war, he said.

On Aug. 3, India restricted the import of laptops, tablets and some other types of computers citing security reasons and in order to encourage domestic manufacturing.

The official notification from the Ministry of Commerce and Industry said that companies would be required to obtain an import license but the new laws would not apply to imports under baggage rules.

However, due to uproar from the industry over the hurried implementation of new rules, the government later delayed the implementation. The new rule would now come into effect from Nov. 1.