India will be $5 trillion economy by 2025: Goyal

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LONDON: Indian Minister Piyush Goyal has voiced his confidence by saying that India will be a US$5 trillion economy by 2025 and the Centre is well poised towards achieving the target.

“I am very confident that by 2025 we will be a US$5 trillion economy. We are well poised towards achieving that, focused on different aspects of the economy which will take us there,” the Union Minister said on Monday at UK-India Joint Economic and Trade Committee meeting in London.

He added, “We have opened up opportunities for single-brand retail and are easing some detrimental clauses of our policy in next few weeks which will help single brand retail come in a bigger way to our country.”

Commerce and Industry and Railways Minister Goyal further said that the Centre has restrictions on multi-brand retail and have requested companies around the world to respect Indian sensitivities on restrictions of foreign investment and multi-brand retail.

“Particularly e-commerce companies coming to India would have to ensure that they stay within the letter and spirit of the law when it comes to multi-brand retail and our policies around that,” he said. Goyal, was on a three-day visit to the UK to attend the India Day conclave.

Meeting with Theresa May

Union Minister Piyush Goyal on Tuesday met outgoing British Prime Minister Theresa May in London.

“Pleased to meet UK Prime Minister Theresa May today in London at the culmination of my 3-day visit. Thanked her for the hospitality extended by British friends from Government and Industry, and expressed confidence in strengthening bilateral ties between UK and India,” Goyal tweeted.

Earlier in the day, the railway and commerce minister also met investors and discussed various opportunities that the Indian market offers for growth.

“Interacted with investors from UK during a roundtable meeting and discussed various opportunities that Indian market offers for growth. The investors expressed their keenness to explore Indian shores for investments,” he said in another tweet.

Goyal was on a three-day visit to the UK to attend the India Day conclave. (ANI)