Guwahati: Union Minister of Textiles, Commerce & Industry Piyush Goyal said that the Indian economy will touch $30 trillion in GDP from the present $3.2 trillion in the next 30 years. The minister said this on June 26, while addressing exporters at Tiruppur in Tamil Nadu.

He added that the textile sector is the second largest provider of employment in India after agriculture, with roughly 3.5-4 crore people engaged in the total value chain of the textile sector.

"The textile industry is presently worth about Rs. 10 lakh crore with exports of about Rs. 3.5 lakh crores. It has the potential to grow to Rs. 20 lakh crores in the next 5 years with exports of Rs. 10 lakh crores" he said.

He said that the Centre wants to replicate Tiruppur's success across India and create 75 such hubs. "Tiruppur contributes one-tenth of textile exports, from India and has become a global apparel hub and is exporting goods worth over Rs 30,000 crore, up from Rs 15 crore, 37 years ago," he said.

Goyal said that the textile sector provides direct employment to 6 lakh people and indirect employment to 4 lakh people, and has immense potential for further growth.

The Indian economy, growing at an 8 percent compounded annual growth rate, is one of the fastest-growing economies in the world.

"If India grows at 8 percent every year on a Compounded Annual Growth basis, the economy will double in about 9 years' time to be USD 6.5 trillion. In 18 years, it will be USD 13 trillion, in 27 years $26 trillion. 30 years from now, India can be a USD 30 trillion economies. The country's economy at present stood at about USD 3.2 trillion and in nine years from today, he said, it will be about USD 6.5 trillion," Goyal said.

"Another nine years, that is 18 years from now, we will be about a USD 13 trillion economy. And then another nine years after that, that is 27 years from now, we will be a USD 26 trillion economy. Then obviously, 30 years from today, confidently we can all expect that the Indian economy will be a USD 30 trillion economies, "the minister said.

In his welcome address, Dr. A Sakthivel, President, FIEO, appreciated the efforts of the Government of India in addressing the issues of exporters quickly and opening up vistas of market opportunities, which helped the country in crossing the export of $422 billion during the last financial year.