Coimbatore: Union minister for textiles, commerce and industry Piyush Goyal on Thursday said Tamil Nadu, which accounts for 30% of the country’s total textile output, would be a significant player in turning India into a $30 trillion economy in 30 years from now.
The minister was speaking at the inaugural ceremony of the 11th Asian Textile Conference in the city.
“Our exports have increased to $776 billion from $500 billion in two years, achieving a 55% growth. Despite the Covid-19 pandemic, Russia-Ukraine war, and recessions in developed countries, India came out as the fastest growing economy in the past two years. India has become the fifth largest economy in terms of size of gross domestic product,” Goyal said.
While thanking industries that played a role in the economic development of the nation, he appreciated the remarkable growth of Tirupur, which he touted as the fastest growing textile hub in the country with an export business volume of ₹35,000 crore.
“Two-thirds of the Indian population is in the working age. In most other countries, two-thirds of their population is dependent on the working age. In the next 30 years, India will continue to have a young population whose average age will be less than 30 years. This will make our economy grow from $3.5 trillion to $35 trillion by 2047,” the minister said.
Union minister of state for railways and textiles Darshana V Jardosh, textiles and handlooms minister R Gandhi, food and civil supplies minister R Sakkarapani, state BJP president K Annamalai, BJP MLA Vanathi Srinivasan, Southern India Mills’ Association chairman Ravi Sam, industrialist and the members of the Confederation of Indian Textile Industry were present on the occasion.
