Piyush Goyal says India set to be third-largest economy by 2027
Speaking at a webinar organised by the Merchants’ Chamber of Commerce & Industry (MCCI) on Tuesday, Piyush Goyal emphasised India’s resilience and momentum in navigating global economic challenges.
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Union Minister of Commerce and Industry Piyush Goyal has said that India is firmly on track to becoming the world’s third-largest economy by 2027, with the country's GDP expected to cross the $5 trillion mark within the next three years.
Speaking at a webinar organised by the Merchants’ Chamber of Commerce & Industry (MCCI) on Tuesday, Goyal emphasised India’s resilience and momentum in navigating global economic challenges. The session, titled ‘India’s March Towards a $5 Trillion Economy: Navigating Global Challenges’, focused on the country's strategic direction amid geopolitical and financial headwinds.
“By 2027, we hope to become the third largest economy in the world,” Goyal said, projecting confidence in India’s growth trajectory.
He attributed this progress to the collective efforts of stakeholders—including the government, trade, industry, and the country’s 140 crore citizens—all of whom, he said, were aligned with Prime Minister Narendra Modi’s vision of Viksit Bharat 2047.
Drawing on historical precedent, the minister remarked, “Great economies are not built in calm waters. Great economies are built in turbulent seas.” He called on the country to seize the current opportunity and not let the momentum slip away.
Goyal also highlighted how India has successfully protected its strategic interests in sensitive sectors while securing advantages in areas where domestic industries hold a comparative edge. “We have consistently ensured that Indian businesses are not disadvantaged in global negotiations,” he added.
Reflecting on India’s broader economic journey, Goyal said the country has moved decisively from being part of the “fragile five” to securing a position among the world’s top five economies. “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 noted.
Goyal also acknowledged the MCCI’s role in fostering dialogue between the government and industry, especially during Amrit Kaal, the crucial phase leading up to the centenary of India’s independence. He said such forums help policymakers stay connected to the ground realities and respond effectively to the needs of businesses amid global turbulence.
