India on track to be US$ 5 trillion economy by 2027 despite global risks: Mr. Piyush Goyal

Union Minister of Commerce & Industry, Mr. Piyush Goyal, stated that India is firmly on track to become a Rs. 4,29,75,000 crore (US$ 5 trillion) economy by 2027, despite global uncertainties, backed by a united national effort and strong leadership under Prime Minister Mr. Narendra Modi. Addressing a virtual session hosted by the Merchants' Chamber of Commerce and Industry (MCCI), he described the government’s decade-long economic reforms as transformational, not incremental. He noted that this milestone would be the first step towards achieving ‘Viksit Bharat’ by 2047. Highlighting India’s resilience amidst geopolitical headwinds, he urged collective national action to seize the current economic opportunity.
He emphasised that India has progressed from being part of the 'Fragile Five' to ranking among the world’s top five economies. He cited key indicators such as foreign exchange reserves touching Rs. 6 Lakh crore (US$ 698 billion), a stable banking system, and historically low inflation in post-independence India. Commending the government’s inclusive and innovation-led development model, he drew a contrast with past instability, calling modern India an “oasis of stability”. He also underlined the role of Free Trade Agreements (FTAs) with developed economies like the UK, Australia, and the European Union, designed to strengthen MSMEs and exporters. Speaking on future technologies, he noted India’s readiness to lead in artificial intelligence, quantum computing, and 3D printing. Instead of fearing job displacement, he called for leveraging these technologies to create employment. He concluded by encouraging businesses to scale up, innovate, and enter global markets, stating that scale enhances competitiveness, driving exports and shared prosperity across the nation.

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