India to become 3rd largest economy by 2027, says Piyush Goyal; $5 trillion target in 3 years

NEW DELHI: Union Minister of Commerce and Industry Piyush Goyal stated that India will become the third-largest economy by 2027 and become a $5 trillion economy in the next three years. He said India is well on track to achieve a $5 trillion economy and that the expectation is to reach this milestone within the next three years.

Piyush Goyal said this while speaking at a webinar hosted by the Merchants’ Chamber of Commerce & Industry (MCCI) on ‘India’s March Towards a $5 Trillion Economy: Navigating Global Challenges’ on Tuesday. “By 2027, we hope to become the third largest economy in the world”, he said.

He added that all stakeholders — government, business community, industry, trade, and 140 crore Indians — align deeply with the Prime Minister’s vision for Viksit Bharat 2047. The minister noted that India has successfully defended its interests wherever issues are sensitive and secured benefits in sectors where Indian industry has a comparative advantage and can compete fairly with the world.

He added that India’s international standing today is at an all-time high. “The Indian passport today is a guarantee of safety and security”, he said, citing Operation Sindhu as a recent example of the government’s commitment to the safety of Indian citizens abroad. The minister said that the government under Prime Minister Narendra Modi has focused on quantum change, not incremental progress, and it has focused not only on growth but also on inclusive, sustainable, honest growth.

“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. 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 a high ability to lend. Our inflation is among the lowest India has ever seen — down to 3 per cent again”, he said. The minister concluded by saying that 140 crore young Indians, with big aspirations and dreams, are striving for a quality life, and the government is committed to supporting this through decisive leadership and a resilient economy.

Commerce and Industry Minister said that his 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. The minister highlighted that MCCI will continue to play a very important role during Amrit Kaal in achieving this goal. He said that 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.

He praised MCCI’s 124-year journey, calling it a bridge between the government, stakeholders, and industries. “MCCI can be called as Mobilising Commerce and Connecting Industries, because that is exactly what MCCI does,” he said. (ANI)