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Key Points

Piyush Goyal has announced that India is on track to become a $5 trillion economy by 2027. Speaking at an MCCI webinar, he emphasized the importance of unity among stakeholders in achieving this vision. Goyal highlighted India's shift from the "fragile five" to a top-five economy, crediting robust macroeconomic foundations. He praised the MCCI's role in fostering dialogue between the government and industry, stressing the need to seize current opportunities despite global challenges.

Key Points: Piyush Goyal Projects India as $5 Trillion Economy by 2027

  • India targets $5 trillion economy by 2027
  • Piyush Goyal highlights India's macroeconomic strength
  • Emphasis on inclusive and sustainable growth
2 min read

India on track to become $5 trillion economy in next 3 years: Piyush Goyal

India aims for a $5 trillion economy by 2027 with unified efforts, says Piyush Goyal.

"Great economies are not built in calm waters. - Piyush Goyal"

New Delhi, June 25

India is well on track to achieve a $5 trillion economy and the expectation is to reach this milestone within the next three years, Commerce and Industry Minister Piyush Goyal has stressed.

By 2027, "we hope to become the third largest economy in the world," he said, adding that all stakeholders -- government, business community, industry, trade, and 140 crore Indians -- are deeply aligned with the Prime Minister's vision for 'Viksit Bharat 2047'.

The minister stated that the government, under Prime Minister Narendra Modi, has focused on quantum change, not incremental progress and it focused not only on growth, but on inclusive, sustainable and honest growth.

He was speaking at a webinar hosted by the Merchants' Chamber of Commerce and Industry (MCCI) on 'India's March Towards a $5 Trillion Economy: Navigating Global Challenges'.

On India's economic strength, Goyal stated that the country has moved from being part of the fragile five to becoming one of the top five economies in the world.

"We have a strong macroeconomic foundation. Our banking system is strong and robust, with high ability to lend. Our inflation is among the lowest India has ever seen -- down to 3 per cent again," he said.

The minister further said that the government has focused on achieving growth that is calibrated for the Indian story and that believes in 'Seva, Sushasan and Navachar; -- Service, Good Governance and Innovation.

He highlighted that MCCI will continue to play a very important role during Amrit Kaal in achieving this goal. Such dialogues help the government better understand what needs to be done to support industries, even in the face of global volatility, turbulence, and uncertainty.

"History reminds us that great economies are not built in calm waters. Great economies are built in turbulent seas," Goyal emphasised, adding that this is India's time to seize the moment and that the opportunity must not be missed.

He praised MCCI's 124-year journey, calling it a bridge between the government, stakeholders, and industries. "MCCI can be called as Mobilizing Commerce and Connecting Industries, because that is exactly what MCCI does," Goyal added.

- IANS

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Reader Comments

R
Rajesh K.
This is fantastic news! India's growth story is truly inspiring 🇮🇳 But we must ensure this development reaches the grassroots. Hope to see more job creation in rural areas and better infrastructure in tier 2/3 cities. The $5 trillion target seems ambitious but achievable if we all work together.
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Priya M.
While the numbers look good, I wonder how much of this growth is actually benefiting common people? Prices of essentials are still high and many small businesses are struggling. The government should focus more on reducing income inequality while chasing this $5 trillion dream.
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Amit S.
From fragile five to top five - what a journey! 🎯 Our digital infrastructure and startup ecosystem are game changers. But we need to be careful about China's economic slowdown affecting our exports. Make in India needs more push to make us truly self-reliant.
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Sunita R.
The focus on 'inclusive growth' is good to hear. Hope this means better opportunities for women entrepreneurs and workers from all sections of society. Our economy can't grow fully if half the population isn't empowered equally. More skill development programs needed!
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Vikram J.
The banking sector reforms have indeed been remarkable. NPAs down, credit growth up - this is the foundation we needed. But can we sustain 3% inflation when global oil prices are volatile? Need to accelerate renewable energy projects to reduce import dependence.
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Neha P.
Excited about Viksit Bharat 2047 vision! But along with economic growth, we must focus on environmental sustainability. Can't sacrifice our rivers and forests for GDP numbers. Green growth should be prioritized - after all, what's the use of becoming $5 trillion economy if we can't breathe clean air?

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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