Piyush Goyal’s Address at India Calling 2023: US$ 47 Trillion Economy by 2047

India is at a pivotal moment in its economic development, with ambitious goals and a clear vision for the future. The India Calling Conference 2023 provided a platform for key stakeholders to discuss the country’s progress and outline the steps needed to transform India into a global economic powerhouse. This article discusses the highlights of the conference, including Union Minister Piyush Goyal’s address, the success of the ‘Make in India’ initiative and India’s remarkable growth in diverse sectors.

Piyush Goyal at ‘India Calling Conference 2023’

Union Minister for Commerce and Industry, Piyush Goyal, emphasized the importance of small countries in the global supply chain during his inaugural address at the India Calling Conference 2023, organized by the Indian Merchants Chamber in Mumbai. The conference focused on the theme ‘Rising India: Inviting Partnership for Growth’.

1. Small Countries’ Contributions to Global Supply Chains

Shri Goyal highlighted the vital role that companies from smaller countries, such as the Czech Republic and Poland, play in the supply chains of large multinational corporations. He underscored the interconnectedness of the global economy and the significance of these contributions.

Piyush Goyal's Address at India Calling 2023: US$ 47 Trillion Economy by 2047

2. India’s Vision for 2047: US$ 47 Trillion Economy

The Union Minister called for India to strive towards US$ 47 trillion economy by 2047. Goyal emphasized the need for a spirit of teamwork, competitiveness and positivity to achieve this goal. He also praised Mumbai as the embodiment of this spirit, dubbing it both the financial and fun capital of India.

3. India: A Beacon of Hope for the World

Goyal acknowledged the high expectations the world has for India and the confidence it has in the country’s future. He stated that India represents the vision of a united global economy and believes in the prosperity of all nations.

Under the Vaccine Maitri initiative, India has provided 278 million doses of COVID-19 vaccines to poorer countries, mostly free of charge. Goyal emphasized that India feels safe only when the entire world is safe.

4. ‘Panch Pran’ and a Developed India

To achieve the vision of a developed India, Goyal emphasized the importance of women’s empowerment, a corruption-free nation and the commitment of the entire country to the ‘Panch Pran’ principles given by the Prime Minister.

Success Stories and India’s Economic Growth

1. The ‘Make in India’ Initiative

Dinesh Joshi, Chairman of the IMC International Business Committee, highlighted the success of the ‘Make in India’ initiative. He pointed out that India has become one of the most favored manufacturing hubs in the world. India’s smartphone exports have grown from zero to INR 90,000 crores and centers of excellence are being established in the fields of electronics, pharma, textiles and solar manufacturing.

2. India’s Progress in Diverse Sectors

Joshi also noted India’s significant advancements in defense, space, hydrogen energy and fintech sectors.

3. India’s Position in the Global Economy

Anant Singhania, President of IMC, revealed that India has climbed to become the 5th largest nation by GDP since 2014. He highlighted the government’s initiatives to connect ordinary Indians to electronic identity and digital services, which has led to a drop in technology costs. This development, along with the government’s efforts, has transformed India into the world’s third-largest startup hub.

Singhania also observed that India has gone from creating one unicorn per year to 42 unicorns in 2021, and in just a decade, has become the number one mobile data-consuming nation.


As the India Calling Conference 2023 demonstrated, India’s journey towards becoming US$ 47 trillion economy by 2047 is well underway. With government initiatives like ‘Make in India’ and a focus on sectors like defense, space, hydrogen energy and fintech, the nation is poised for continued growth. By embracing the spirit of teamwork, competitiveness and positivity, India aims to fulfill its potential as a global economic leader and improve the lives of its citizens.

Union Minister Piyush Goyal concluded the event by inviting attendees to join him in listening to the 100th episode of Mann Ki Baat on April 30, 2023.


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