India's economy is forecast to hit $10 trillion by the end of the current decade, and towards $15 trillion by 2034. 

This is according to Union Commerce Minister Piyush Goyal on Thursday.

As it stands, India's GDP is estimated around $3.7 trillion, and in the next three years is set to become the third largest economy in the world, with a GDP of $5 trillion.

Speaking to Republic TV, Goyal highlighted India's significant growth despite facing challenges stemming from conflicts in Ukraine and Gaza.

India's GDP surged by 8.4% during the October-December quarter of the current 2023-24 fiscal year, maintaining its position as the fastest-growing major economy.

When questioned about opposition criticism regarding the limited distribution of growth benefits, the minister refuted the allegations by outlining the numerous beneficiaries his government has reached over the past decade in areas such as housing, food grain distribution, healthcare, access to cooking gas, and sanitation facilities.

"I think the naysayers have no choice but to take a sense of what's happening on the ground, where people have benefitted (from various schemes). After all, infrastructure has a huge multiplier impact on the economy," the minister stated.

Furthermore, Goyal said in the near term, India will see a great deal of foreign investments.

"In the next decade or so, we will see a lot of technologies and investments coming from across the world to manufacture in India, which will provide economic activity, jobs to our young boys and girls, which will also provide our young startups with opportunities to innovate on their ideas, and this will be necessary for the developed world which is looking for a trusted partner," he said.

"This is going to drive huge amounts of investments and technology which will not only serve the needs of a growing, aspirational India but will also be the sourcing base for the world," he concluded.