Mumbai: The National Democratic Alliance (NDA) government inherited an economy which was in a mess but we are set to become the world’s largest economy in the next two years, said union minister for commerce and industry, Piyush Goyal.
Piyush Goyal Criticises Congress and UPA for Economic Mismanagement
At the concluding day of the World Hindu Economic Forum (WHEF), Goyal criticised the Congress and the United Progressive Alliance (UPA) government for taking wrong decisions and making the country’s economy suffer in three different stages from 1947 to 1991, 1991 to 1998 and 2004 to 2014.
The union minister said that when NDA government came to power in 1998, India was facing high inflation of around 8%, low growth of 4.3%, low foreign reserves of only $29Bn but it reversed the condition within six years with high growth of 8%, low inflation of 4% and foreign reserves of $103Bn. He alleged that the era of UPA-II government again brought great losses to the government and cited former union finance minister P. Chidambaram’s statement during the interim budget speech in 2014 that India will take 30 years to become the world’s third-largest economy.
India to Become Third-Largest Economy in Two to Three Years
“Under prime minister Narendra Modi’s decisive leadership, we will become the world’s third-largest economy within the next two to two and a half years. By 2044, we would have crossed the mark of a $20 Trillion economy as we are well on the path to achieve the goal of a $30 Trillion economy by 2047,” he said.
Goyal also highlighted the difference between the countries which were chosen by India to sign free trade agreements (FTA) during the UPA government and the current government. He said that the earlier FTAs were signed with competitor countries and Association of South East Asian Nations (ASEAN) who were not able to benefit India
“The current FTAs, with the UAE and Australia, as well as the economic and trade agreement with the EFTA bloc comprising Switzerland, Norway, Iceland and Liechtenstein, have been signed with confidence, balance, and national interest at the core. The upcoming FTAs will be balanced, fair, and designed to protect and promote India’s industry and manufacturing,” he added.
The union minister took a jibe against Congress MP Priyanka Gandhi for her recent statement in the parliament asking PM Modi and the Bharatiya Janata Party to “list all the insults against former PM Jawaharlal Nehru for once and for all and then have discussions about the country’s pressing issues.” Attacking Gandhi without naming her, Goyal said, “Those who ignore history, those who don't learn lessons from history, they repeat mistakes and suffer losses again and again. History tells us again and again what is right."
Maharashtra to Set Up India’s First AI University
Maharashtra’s information technology minister Ashish Shelar, who also spoke on the second day of the conference, said that Maharashtra will establish India’s first artificial intelligence (AI) university within the next six months, as part of the state’s transition from e-governance to i- governance and further to AI-driven governance.
Shelar said that the foundation stone laying ceremony of the AI University and the AI City will be held within the next six months, with key groundwork including task force recommendations, land identification, and initial planning already completed. The AI University will focus on building talent, research capability, and innovation in artificial intelligence, aligned with industry and global requirements.
Maharashtra Targets 4 Lakh Tech Jobs, Rs 50,600 Cr Investment
He announced that Maharashtra is targeting the creation of four lakh skilled jobs in the IT and technology sector and Rs50,600 crore investment in technology and digital infrastructure under the state’s IT and innovation roadmap. He added that Maharashtra aims to attract 50% of global investments for global capability centres (GCC) and a dedicated GCC policy has been approved to provide a red-carpet approach.
Day 2 of the WHEF focused on MSMEs, manufacturing, startups, women entrepreneurs, and grassroots business models, with discussions centred on strengthening local enterprises, improving access to finance, and building scalable, sustainable economic systems across regions.
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