India’s policies are strategically structured to transform the nation from a four trillion dollar economy to a 32 trillion dollar economy by 2047, said Mr Piyush Goyal, Minister of Commerce and Industry. Mr Goyal was speaking at IIT Madras’ ‘Sangam 2025’ Global Innovation and Alumni Summit held in Bengaluru today. He said, forward-looking policies of the government have already positioned India as the fifth-largest economy in the world, and the country is poised to become the third-largest by 2028. He said India is now one of the fastest-growing economies globally. He added that policies and programmes of the government are shaping a future-ready India-an India that embraces technology and leads in fields like artificial intelligence, quantum computing, and more.
Highlighting the government’s commitment to fostering innovation, Mr Goyal pointed out that 10,000 crore rupees was allocated in the previous budget to develop the deep tech ecosystem. An additional 10,000 crore rupee has now been sanctioned to further support innovation and emerging technologies. He also noted that the last Union Cabinet Meeting approved one lakh crore rupee for the Department of Science and Technology. This will be offered as a zero-interest loan over 50 years to drive technological innovation.
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