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Thursday, December 07 2023

Bengaluru: India on path to become $30 trn economy, says Goyal

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Bengaluru: Union Minister for Commerce and Industry Piyush Goyal said India is on the path to become a developed nation in the next 25 years by 2047 and also a $30 trillion economy.

Speaking at the valedictory function of the Bengaluru Tech Summit 2022 on the evening of Friday November 18, he said that the Centre is encouraging small businesses by providing equal opportunities flagging off the open data e-commerce system which is also originating from the Tech City of Bengaluru.

He said Bengaluru and Karnataka will be the flagbearer of India tomorrow as a science and technology destination and a global IT hub. The Union Minister said Bengaluru is emerging as the Silicon Valley of the East with a huge ecosystem comprising technology companies, R&D centres, centres of excellence, incubator centres and venture capital funds.

Referring to India taking the presidency in the G20 meet starting December 1, he said under Prime Minister Narendra Modi’s leadership the country has got a golden opportunity to showcase its strength.

He said in the post-Covid era many countries were facing high inflationary pressures in their economies but added that India has managed to stay afloat and keep the inflation under check. Piyush Goyal said start-ups were playing the role of booster doses in leading an economic recovery.

Chief Minister Basavaraj Bommai said Bengaluru will emerge as the financial capital of the country in the next five to ten years and added that they are no impediments to realise this potential.

He said Bengaluru had lived up to its cosmopolitan nature contributed largely by the talent pool, technology, processes, vision statement and objectives.

The Chief Minister said Karnataka has to doubly work hard to maintain its top position in the tech sector.

E V Ramana Reddy, Additional chief secretary,  IT-BT, Meena Nagaraj, Director of IT-BT Department and IT Start-up Vision Group Chairman Prashanth Prakash were also present.

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