in 30 years from 270 billion to 4 trillion dollars: Piyush Goyal
Addressing the Swissmem Industry Day in Switzerland, Goyal said India aspires to be a USD 30-35 trillion economy by the time the country marks 100 years of independence.
He said this provides 'largest ever economic opportunity in the world'.
'I bring a story of a country that in the last 30 years has grown from a 270 billion dollar economy to a 4 trillion dollar economy today. As we work towards celebrating India's 100 years of independence, it aspires to grow from a 4 trillion dollar economy to a 30-35 trillion dollar economy,' the Minister said.
'That's the largest ever economic opportunity... Our average age is only 28.4 years. For the next 30 years, India will continue to be a young country. This talent, skillset and desire for a better future drive India as the fastest-growing large economy today,' he added.
Goyal also spoke about the significant opportunity for businesses of Switzerland in India, emphasising the supportive environment in the country.
'I believe a new era of partnership, friendship and togetherness between the four (European Free Trade Association) EFTA nations - Switzerland, Norway, Liechtenstein and Iceland, and India is going to begin in October...TEPA, is officially called the Trade and Economic Partnership Agreement, but I look upon this as the Trust and Efficiency Partnership Agreement,' he said.
'We draw a lot of inspiration from your journey. We believe it is a very natural partnership... We can add huge value to the future of members of Swissmem and the business community. I leave it to the Swiss companies to decide. I have requested the president of Swissmem and also the government of Switzerland to engage with their industry and identify where they would like us to look at a Swiss enclave if they are decided so far,' he added.
Goyal also talked of India's growing ties with the United States.
He said Prime Minister Narendra Modi and President Trump met in February 2025 and the two countries have decided to enter into a bilateral trade agreement that will be mutually beneficial for both the economies.
The minister began his Switzerland visit with a lunch interaction with CEOs of select Swiss companies and prospective investors who are exploring investment possibilities in India.
Goyal held extensive engagements with Swiss industry leaders yesterday in Bern, Switzerland, aimed at deepening economic cooperation and exploring new avenues under the recently signed Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association. (ANI)
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In addition, there have been many virtual meetings between the two sides,' he added. On Wednesday, Trump indicated that the two countries were still negotiating. US secretary of state Marco Rubio on Thursday offered a more nuanced view of the relationship in a Fox News podcast, describing India as a strategic partner while acknowledging the energy purchases as a 'point of irritation.' 'Like anything in foreign policy, you're not going to align a hundred percent of the time on everything,' Rubio said. 'India has huge energy needs and that includes the ability to buy oil and coal and gas that it needs to power its economy like every country does, and it buys it from Russia, because Russian oil is sanctioned and cheap.' However, Rubio emphasised the administration's frustration with the arrangement. 'Unfortunately that is helping to sustain the Russian war effort. So it is most certainly a point of irritation in our relationship with India—not the only point of irritation. 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