New Delhi, June 25: Union Commerce and Industry Minister Piyush Goyal emphasized that India is on track to become a $5 trillion economy, with the milestone expected to be reached within the next three years.
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’, “Goyal said we hope to become the third largest economy in the world by 2027.”
All stakeholders including the government, business community, industry, trade, and 140 crore Indians are fully aligned with the Prime Minister Narendra Modi's vision for a ‘Viksit Bharat 2047’, he added.
Goyal said that under PM Modi’s leadership, the government has focused on transformative change, not just incremental progress, prioritizing not only growth but also inclusive, sustainable, and honest development.
On India's economic strength, Goyal mentioned that the country has transitioned 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.
He added that the government is focused on achieving growth tailored to India’s unique story, guided by the principles of ‘Seva, Sushasan, and Navachar’ — Service, Good Governance, and Innovation.
Goyal also emphasized that MCCI will play a crucial role during Amrit Kaal in achieving this goal. Such dialogues help the government understand what actions are needed to support industries, even amid global volatility, turbulence, and uncertainty.
He said that, “History reminds us that great economies are not built in calm waters. Great economies are built in turbulent seas,” adding that this is India’s time to take full advantage of the moment, and the opportunity should not be missed.
He praised MCCI’s 124-year journey, describing it as a vital link between the government, stakeholders, and industries. Goyal added, “MCCI can be seen as Mobilizing Commerce and Connecting Industries, because that’s exactly what it does.”
