New Delhi: Union Commerce and Industry Minister Piyush Goyal has said that India is firmly on course to becoming a $5 trillion economy by 2027, expressing confidence that the nation will also emerge as the third-largest economy in the world within the next three years.
Speaking at a webinar organised by the Merchants’ Chamber of Commerce and Industry (MCCI) on the theme ‘India’s March Towards a $5 Trillion Economy: Navigating Global Challenges’, Goyal highlighted the transformative strides made by the country under Prime Minister Narendra Modi’s leadership.
“India has moved from being part of the so-called ‘fragile five’ to now standing tall among the top five economies globally,” Goyal said, crediting the robust policy frameworks and visionary governance for the shift. He added that “Viksit Bharat 2047” — the vision of a developed India — is a shared dream that unites the government, businesses, industry, trade bodies, and the aspirations of 140 crore citizens.
The minister underlined that the Modi government has aimed for quantum leaps instead of incremental progress, with a focus on inclusive, sustainable, and transparent growth. “Our macroeconomic fundamentals are strong. The banking sector is stable and well-capitalised, with a high lending capacity. Inflation is now down to around 3%, among the lowest levels seen in India,” he noted.
Goyal also emphasised the government’s core development philosophy of ‘Seva, Sushasan, and Navachar’ — Service, Good Governance, and Innovation — as the driving forces behind India’s economic progress.
He praised MCCI’s 124-year legacy, calling it an essential bridge between policymakers and the industry. “MCCI stands for Mobilising Commerce and Connecting Industries — a role that becomes even more vital as India enters the Amrit Kaal,” he said, referring to the country’s 25-year roadmap towards becoming a developed nation by 2047.
Goyal acknowledged the volatile global economic environment, marked by uncertainty and disruption, but said that India’s resilience has only strengthened. “History tells us that great economies are not built in calm waters. They are built in turbulent seas. This is India’s moment — and we must seize it,” he said.
Concluding his address, Goyal reiterated that the government remains committed to understanding and supporting the needs of industries through continued dialogue and reform. He called on all stakeholders to work in unison to ensure that India not only achieves but surpasses the $5 trillion target, setting a strong foundation for decades of growth and leadership on the global stage.
