The government is setting up 12 new industrial parks and 5-6 mega textile parks, Minister of Commerce and Industry Mr. Piyush Goyal announced. He urged the private sector to capitalize on these initiatives. He asked industry leaders to help identify and resolve policy and compliance issues. He highlighted recent achievements, noting that India's GDP and Foreign Exchange Reserves have doubled, and the current account deficit has significantly reduced. He also mentioned that countries are keen to establish Free Trade Agreements (FTAs) with India, reflecting the country’s growing economic influence.
He projected that by 2047, India will be a US$ 35 trillion economy driven by its young, aspirational population. He stressed the government's focus on minimum government - maximum governance, skill development, speed & scalability, transparency, and digitization. Minister of State for Skill Development and Entrepreneurship, Mr. Jayant Chaudhary, added that the Union Budget is forward-looking, emphasizing entrepreneurship, youth, education, and skilling. He noted that creating a vibrant middle class and an innovative economy will drive significant social change. While India's transition to a knowledge economy may take time, progress is being made with key drivers.
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