Union Commerce and Industry Minister Piyush Goyal has said that India is on track to reach a $5 trillion economy by 2027. He spoke at an online event hosted by the Merchants’ Chamber of Commerce and Industry (MCCI), highlighting India’s strong economy, effective policies, and united efforts by the nation.
Goyal said that this economic goal is just the first step toward achieving “Viksit Bharat” (Developed India) by 2047. He also believes that India will soon become the third-largest economy in the world.
Despite challenges like global economic uncertainty and political tensions, Goyal said this is India’s moment to shine. He encouraged everyone to work together to help India take its rightful place among top global economies.
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He praised the government’s focus on growth that is inclusive, sustainable, and honest, following the principles of Seva (Service), Sushasan (Good Governance), and Navachar (Innovation).
Goyal spoke about India’s journey from being one of the “Fragile Five” economies to now being in the top five. He credited this achievement to:
- Strong foreign exchange reserves (around $698 billion),
- A stable banking system,
- Low inflation.
Talking about trade, Goyal shared how India is signing Free Trade Agreements (FTAs) with strong economies like the UK, Australia, and the EU. These deals will help Indian small businesses (MSMEs) and exporters grow.
He also mentioned India’s future in new technologies such as AI, quantum computing, and 3D printing, and said the focus should be on creating jobs, not fearing job loss. The government is working with groups like NASSCOM to help young people build skills in areas like AI.
Goyal also spoke about the government’s efforts to protect Indian citizens, like the recent evacuations from Ukraine and Iran. He said India today is stable and democratic, unlike the time of the Emergency in 1975.
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He ended his speech by encouraging Indian businesses to grow bigger, because “scale leads to competitiveness, and competitiveness drives exports and prosperity.”
