Union Commerce and Industry Minister Piyush Goyal has reaffirmed India’s ambitious economic trajectory, declaring that the country is firmly on track to become the world’s third-largest economy by 2027. Speaking at a webinar hosted by the Merchants’ Chamber of Commerce & Industry (MCCI), Goyal emphasized that India’s resilience amid global volatility is a testament to its robust macroeconomic fundamentals.
$5 Trillion Economy Within Reach
Goyal projected that India will achieve a $5 trillion GDP within the next three years, driven by strong domestic demand, a stable banking system, and low inflation—currently hovering around 3%. “By 2027, we hope to become the third-largest economy in the world,” he stated, aligning the goal with Prime Minister Narendra Modi’s vision for Viksit Bharat 2047.
‘Great Economies Are Built in Turbulent Seas’
Highlighting India’s transformation from being part of the “Fragile Five” to one of the top five global economies, Goyal remarked, “History reminds us that great economies are not built in calm waters. Great economies are built in turbulent seas.” He urged stakeholders to seize the moment and contribute to India’s growth story.
Key Drivers of Growth
- Strong Banking System: High lending capacity and capital adequacy.
- Controlled Inflation: Among the lowest in recent years.
- Global Trust: India’s international standing has improved, with the Indian passport now seen as a symbol of safety and security.
- Inclusive Development: Focus on Seva (Service), Sushasan (Good Governance), and Navachar (Innovation).
Industry and Government in Sync
Goyal praised the role of industry bodies like MCCI in bridging the gap between policymakers and businesses. He emphasized that such dialogues are crucial for navigating global challenges and ensuring that India’s growth remains inclusive and sustainable.
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