With Japan in the rearview, Indian envoy to US Vinay Kwatra says nation eyes $30 trillion economy by 2047

Washington [US], June 3 (ANI): India's Ambassador to the US, Vinay Mohan Kwatra, highlighted the country's economic growth trajectory and its future goals, emphasising the importance of systemic stability for investors.
'You mentioned 4.1 trillion GDP that India touched recently. We now have Japan in our rearview. Prime Minister Modi has spoken about taking this to 5 trillion in the coming years, but the eventual goal which we are working towards is to take the Indian economy in the range of 28 to 35 trillion dollars by the year 2047, when we celebrate the centenary of our independence. When we talk of that, and if you position this in the perspective of an investor, for any investor, economic opportunity has to be one of the first drivers for a capital flow to happen. Suppose I'm a four trillion opportunity today looking to become 5, 10, and eventually 30-odd trillion opportunity; that whole journey is not enough in terms of numbers. In that case, it has to be combined with something which the investors truly value. First of all, I would say any investor would look for whether there is systemic stability in the economy, and whether there is systemic stability in the growth of the economy?' Kwatra said.
He underlined that while India's GDP growth and economic potential attract investors, systemic stability in the economy and its growth is crucial to sustaining capital inflows.
India recently crossed the $4.1 trillion GDP mark, overtaking Japan, with Prime Minister Narendra Modi aiming to achieve a $5 trillion economy soon. The long-term vision is to reach an economy valued between $28 to $35 trillion by 2047, marking 100 years of India's independence.
Kwatra's remarks highlight India's commitment to creating a stable and conducive environment for investors while pursuing ambitious economic growth targets.
This vision aligns with the recent visit of Foreign Secretary Vikram Misri to Washington DC from May 27 to 29, where he held high-level meetings with senior US officials to bolster strategic and economic ties.
Foreign Secretary Misri held wide-ranging discussions with counterparts across the Department of State, National Security Council, Department of Defence, Department of the Treasury, and the Department of Commerce, the Ministry of External Affairs said in a statement.
The visit was a follow-up to the Prime Minister's visit to the United States on February 13, during which both sides launched the India-U.S. COMPACT (Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology) for the 21st Century.
Deputy National Security Advisor Pavan Kapoor was also part of the Indian delegation.
According to MEA, at a luncheon meeting with Deputy Secretary of State Christopher Landau, both sides reviewed the full spectrum of the bilateral agenda. They underscored that Technology, Trade, and Talent would be the key pillars shaping the India-U.S. partnership in the 21st century.
In meetings with Deputy Secretary of Defence Steve Feinberg and Under Secretary for Policy Elbridge Colby, both sides reaffirmed their commitment to a robust and forward-looking defence partnership. Discussions focused on co-production and co-development initiatives, sustained joint military exercises, logistics and information-sharing frameworks, and enhancing interoperability between the armed forces, MEA said.
Vikram Misri met with Deputy Secretary of the Treasury Michael Faulkender, the Foreign Secretary and discussed ways to deepen economic and financial ties, including collaboration in international financial institutions and coordination in the upcoming Financial Action Task Force (FATF) processes.
In his meeting with Under Secretary of Commerce Jeffrey Kessler, both sides reviewed progress on the India-U.S. Bilateral Trade Agreement, cooperation in critical and emerging technologies, and the need to streamline ITAR and export control regulations. They agreed to convene the next meeting of the India-U.S. Strategic Trade Dialogue at the earliest opportunity, according to MEA.
Consistent with the vision outlined in the COMPACT, detailed inter-agency discussions were also held on a range of strategic areas, including defence cooperation, energy security, the TRUST initiative, counter-terrorism, the Indian Ocean Strategic Venture, and collaboration through platforms such as the Quad, I2U2, and IMEEC.
Foreign Secretary Misri, along with DNSA Kapoor, jointly chaired a roundtable with industry representatives, focusing on deepening bilateral collaboration in critical and emerging technologies. Additionally, they held a substantive interaction with members of the think tank community, covering the full breadth of the India-U.S. strategic partnership, MEA said. (ANI)

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Hindustan Times

9 minutes ago

• Hindustan Times

India's watchdog warns Air India for breaching pilots' flight duty timings

By Aditya Kalra India's watchdog warns Air India for breaching pilots' flight duty timings NEW DELHI, - India's aviation watchdog has issued a warning to Air India for "repeated and serious violations" related to pilot duty scheduling and oversight, according to government directives reviewed by Reuters on Saturday. The Directorate General of Civil Aviation directed Air India to remove three company executives from crew scheduling roles - a divisional vice president, a chief manager of crew scheduling and one planning executive - for lapses linked to flights from Bengaluru to London on May 16 and May 17 that exceeded the stipulated pilot flight time limit of 10 hours. The June 20 order cited "systemic failures in scheduling protocol and oversights" and criticised the lack of strict disciplinary measures against responsible officials. The latest action by the aviation authority against the airline is unrelated to this month's crash of an Air India Boeing 787-8 plane that killed all but one of the 242 people onboard but signal heightened scrutiny of the airline. On Thursday, Reuters reported the authorities had also warned Air India for breaching safety rules after three of its Airbus planes flew despite being overdue for checks on emergency equipment of escape slides. The latest order by assistant director of operations at the DGCA, Himanshu Srivastava, said: "Of particular concern is the absence of strict disciplinary measures against key officials directly responsible." In a statement to Reuters, Air India said it has implemented the DGCA order and in the interim, the company's chief operations officer will provide direct oversight to the Integrated Operations Control Centre. "Air India is committed to ensuring that there is total adherence to safety protocols and standard practices," it added. The DGCA stated in its order that Air India had voluntarily disclosed the violations. Air India was taken over by the Tata Group in 2022 and faces many challenges in its attempts to rebuild its image, after years of criticism from travelers for poor service. The Indian regulator, like many abroad, often fines airlines for compliance lapses. India's government in February told parliament that authorities had warned or fined airlines in 23 instances for safety violations last year. Around half of them - 12 - involved Air India and Air India Express. The biggest fine was $127,000 on Air India for "insufficient oxygen on board" during some international flights. This article was generated from an automated news agency feed without modifications to text.

United News of India

11 minutes ago

• United News of India

MEA revokes denial, grants Priyank Kharge clearance for US visit

Bengaluru, June 21 (UNI) In a sharp turn of events, Karnataka Minister Priyank Kharge on Saturday said the Ministry of External Affairs (MEA) has revoked its earlier decision and granted him clearance for an official visit to the United States, five days after his scheduled departure and following public outcry. Taking to social media platform X, Kharge wrote, 'So in a U-turn, the Ministry of External Affairs has now decided to revoke its earlier decision and grant me a clearance for an official visit to the United States.' Kharge said he had applied for permission on May 15 to travel between June 14-27 to represent the Karnataka government at two major global forums and participate in over 25 official meetings with top companies, universities, and institutions to pitch for investments and explore collaborations. The minister highlighted that his initial delegation request was rejected, while subsequent applications — first for officials and later for the KEONICS chairman — were approved, showing a selective clearance process over three separate submissions between May 15 and June 14. Kharge said no official explanation was provided for the denial of his own application. On June 19, he held a press conference highlighting the chronology and alleging political interference. By the same evening, the MEA issued a fresh No Objection Clearance dated June 19, effectively reversing its earlier stance. '36 days after my original application, 15 days after the denial, and five days after my scheduled departure, they 'revoke' their decision,' he noted, questioning the timing and intent behind the clearance. He further asked, 'Why was the clearance denied in the first place? Was it revoked only after the matter became public? What is the point of a clearance after the key events are over?' Criticising the Centre, Kharge said while the Union Government promotes slogans like 'Make in India', 'Digital India', and the 'India AI Mission', it is states like Karnataka that are driving real progress. He alleged that despite leading on innovation and job creation, Karnataka is being obstructed politically. Referring to the Prime Minister's statement, MAGA + MIGA = MEGA', Kharge asked, 'What does that even mean in practice, when the very state driving India's tech and innovation engine is denied the support it needs to lead globally?' Demanding accountability, Kharge concluded: 'These questions warrant an urgent response. Karnataka deserves answers.' UNI BDN PRS

Scroll.in

13 minutes ago

• Scroll.in

Pakistan nominates Trump for Nobel Peace Prize, cites ‘pivotal' role during conflict with India

Pakistan announced on Saturday that it has nominated United States President Donald Trump for the 2026 Nobel Peace Prize 'in recognition of his decisive diplomatic intervention and pivotal leadership' during the recent conflict with India. 'The Government of Pakistan also acknowledges and greatly admires President Trump's sincere offers to help resolve the longstanding dispute of Jammu and Kashmir between India and Pakistan – an issue that lies at the heart of regional instability,' Islamabad stated in a social media post. It also described Trump as a 'genuine peacemaker'. The winner of the 2026 Nobel Peace Prize is expected to be announced in October 2026. Pakistan to recommend US President Donald Trump for the Nobel Peace Prize 2026: Pakistan statement — Sidhant Sibal (@sidhant) June 21, 2025 Pakistan's announcement came days after Trump claimed that he deserved the Nobel Peace Prize for multiple global peace efforts, The Hindu reported. 'I should have gotten it four or five times,' the US president was quoted as saying by AP. 'They won't give me a Nobel Peace Prize because they only give it to liberals.' In a social media post on Saturday, Trump reiterated that he would never receive a Nobel Peace Prize, 'no matter what I do'. He also repeated his claim that he had helped 'stop the war' between India and Pakistan. New Delhi has rejected Trump's assertions. On Wednesday, New Delhi stated that Prime Minister Narendra Modi had told the US president that India will never accept mediation to resolve tensions with Pakistan. Trump was also told that New Delhi had agreed to the ceasefire only on Islamabad's request, said India's Foreign Secretary Vikram Misri. Hours after the statement, Trump hosted Pakistan's Chief of Army Staff, Field Marshal Asim Munir, at the White House. Speaking afterwards, Trump thanked both Munir and Modi for their roles in 'ending the war', and noted ongoing trade discussions with both countries, The Hindu reported. The tensions between New Delhi and Islamabad escalated on May 7 when the Indian military carried out strikes – codenamed Operation Sindoor – on what it claimed were terrorist camps in Pakistan and Pakistan-occupied Kashmir. The strikes were in response to the terror attack in Jammu and Kashmir's Pahalgam, which killed 26 persons on April 22. The Pakistan Army retaliated to Indian strikes by repeatedly shelling Indian villages along the Line of Control in Jammu and Kashmir. At least 22 Indian civilians and eight defence personnel were killed. On May 10, India and Pakistan reached an 'understanding' to halt firing following a four-day conflict. New Delhi's announcement on the decision to stop military action had come minutes after Trump claimed on social media that India and Pakistan had agreed to the ceasefire. However, India has said that the decision to stop firing was taken bilaterally and that there was no intervention by the US. The winner of the Nobel Peace Prize is selected by the Norwegian Nobel Committee. The five-member panel is appointed by the Norwegian Parliament. According to the Nobel Prize website, a nomination for the Peace Prize is valid if submitted by qualified individuals such as government officials, judges, professors, former laureates or members of recognised peace organisations. This includes 'members of national Assemblies and national governments of sovereign states as well as current heads of state'. Self-nominations are not accepted.