Indian economy will grow eight fold by 2047: Piyush Goyal

Stockholm [Sweden], June 12 (ANI): Union Commerce and Industry Minister Piyush Goyal, during his three-day official visit to Sweden on Thursday, expressed confidence that the future lies in India and expects the country's economy to grow eight times by 2047.

While talking in Stockholm, Sweden, the minsters said, "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." He further added that, "the economy, which will grow eightfold by 2047, everyone wants to benefit from that."

Piyush Goyal also addressed the ongoing India-EU Free Trade Agreement negotiations, conveying optimism regarding their progress.

He said, "We are very much on track to achieve that (FTA). More than half the chapters are ready - in terms of content, we are almost 90 per cent ready for market access. The important issue to be addressed between us is non-tariff barriers."

Recently, Swedish Minister for International Development Cooperation and Foreign Trade Benjamin Dousa, also said that a comprehensive free trade agreement between India and the European Union should tackle both tariff and non-tariff barriers to maximise benefits for both regions.

Earlier this week, Union minister Piyush Goyal said that with this FTA, India will be able to offer greater opportunities for Sweden.

The FTA negotiations between the two sides are expected to conclude in 2025. India last month said the two sides engaged in a forward-looking and substantive dialogue to address global trade challenges and reaffirm their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025.

This FTA between India and EU represents significant opportunity for both regions to reduce regulatory barriers that currently impede trade flows, while strengthening economic ties that could benefit both regions' long-term growth prospects. (ANI)