Sangam 2025: Piyush Goyal charts path to $32 trillion economy by 2047 at IIT Madras Summit
Union Minister of Commerce and Industry Piyush Goyal has said that his government’s mission is to see the Indian economy grow from a $4 trillion economy today to a $32 trillion economy by 2047.
Goyal said that this mission was achievable when “all of us work together as a team”, pushing for a 'Viksit Bharat’.
Calling for a unified approach towards making India a developed nation, he added after committing an entire first ‘Fund of Funds’ tranche of ₹10,000 crores in the last Budget, another ₹10,000 crores has now been provided as a second tranche, largely in support of the Deep Tech ecosystem.
Goyal had been speaking on the sidelines of Sangam 2025, the global innovation and alumni summit organised by the IIT Madras Alumni Association (IITMAA) at Bengaluru. The theme of this year’s conference was centred around innovation and entrepreneurship.
“We have just formulated the guidelines ... this money goes to promote innovation, absorption of newer technologies and the development of newer technologies in contemporary fields.”
Goyal also mentioned that the ₹1 lakh crore that had been approved in the last cabinet would be provided to the University's Science and Technology department as a 'zero-interest 50-year loan'.
“It is truly a grant but the idea behind this was that it gives us more flexibility to provide equity support, grant low-cost support, and to roll that support as technologies get fine-tuned and become successful and get back some money so that it goes to somebody else; helps more and more technologies develop. When we work on new technologies in India, our cost is nearly one-sixth, one-seventh of what it would cost in Switzerland, America, the US, UK, or Europe.” he claimed.
Stressing the importance of a future-ready India, he explained that the nation's jump from the eleventh largest to the fifth largest GDP in the world merited an attempt to reach for the fourth largest GDP spot by the end of 2025.
“By 2027, we will be the third largest GDP in the world, rapidly growing on the strength of the work all of you are doing and the strength of our driving desire of a youthful India.”
The event also saw Goyal's criticism of Karnataka CM Siddaramaiah for stating that the Covid-19 vaccine might be linked to heart attack deaths, saying that such statements insulted “our scientists, startups, and our pharma sector”.
He added that Siddaramaiah ought to tender an apology to everyone involved in developing the Covid-19 vaccines at a low cost in India, which also made it possible to supply these to various parts of the world as well.
The event also saw the achievements of the IIT Madras ecosystem and the entrepreneurial journeys of its alumni. Besides IIT Madras director V. Kamakoti, the event was graced by Kris Gopalakrishnan, Chairman at Axilor Ventures and Co-founder at Infosys,as well as S. Somanath, former Chairman at ISRO—both of whom are IIT Madras alumni—and numerous other prolific faces.
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