India Set to Be 3rd Largest Economy by 2027: Piyush Goyal
· India to hit $5 trillion economy target by 2027
· From 'Fragile Five' to top 3 globally
· Turbulent times seen as key to long-term growth
Union Commerce and Industry Minister Piyush Goyal on Tuesday reiterated India's robust path towards becoming a $5 trillion economy in the next three years, forecasting that the nation shall become the world's third-largest economy by 2027.
Addressing a webinar organized by the Merchants' Chamber of Commerce & Industry (MCCI) on 'India's March Towards a $5 Trillion Economy: Navigating Global Challenges', Goyal was confident of India's resilience in the face of global uncertainty.
By 2027, we will emerge as the world's third-largest economy," he explained, crediting this achievement to the combined effort of the government, industry, and India's 140 crore citizens working towards Prime Minister Modi's Viksit Bharat 2047 vision.
Rising Global Influence
Goyal noted that India's international standing has witnessed an incredible rise. He referred to Operation Sindhu a rescue mission for Indians from war-torn areas as a showcase of the government's focus on citizens' welfare.
"The Indian passport today is regarded as an emblem of security and protection," Goyal said, while also highlighting India's achievement in protecting national interests in global trade negotiations.
From Fragile Five to Top Five
Looking at India's economic transformation, Goyal said that the nation has transformed from being tagged as part of the "Fragile Five" economies to now being among the world's top five.
He mentioned macroeconomic strengths such as:
- Strong and well-capitalized banking system
- Tamed inflation, now at 3%
- Strong fundamentals for sustainable and inclusive growth
He added that the government was not only looking at growth but at "quantum change" based on inclusivity, sustainability, and integrity.
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Grasping the Moment
Goyal emphasized that most breakthroughs come in difficult times.
"History shows us that great economies are not created in quiet waters but in troubled seas," he said, challenging businesses and citizens to grab the present moment of change.
He further added that 140 crore aspirations of young Indians are the foundation of this growth process, supported by robust leadership and a durable economic foundation.
MCCI’s Legacy and Role
Lauding MCCI’s 124-year journey, Goyal described the chamber as a crucial link between government and industry. He humorously expanded its acronym to “Mobilising Commerce and Connecting Industries,” appreciating its role in bringing grassroots feedback to policymakers.
He reiterated that the government’s strategy remains grounded in Seva (Service), Sushasan (Good Governance), and Navachar (Innovation), ensuring that India’s development path remains uniquely tailored to its own narrative and ambitions.
