On track to become $5-tn economy by ’27, says Goyal

Union Commerce and Industry Minister Piyush Goyal said India is firmly on track to become a USD 5 trillion economy by 2027 despite global turbulence, driven by a collective national effort and strong leadership under Prime Minister Narendra Modi.

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Speaking at a virtual session organised by the Merchants’ Chamber of Commerce and Industry (MCCI), Goyal also hailed the government’s decade-long economic reforms as transformational rather than incremental.

“We are well on track to achieve the USD 5 trillion economy goal in the next three years. This will be the first milestone on our journey to ‘Viksit Bharat’ by 2047,” Goyal said on Tuesday.

Taking note of the global economic volatility and geopolitical headwinds, the minister said India must navigate turbulent waters with unity and determination.

“Great economies aren’t built in calm waters. This is India’s time. We must seize the moment and work together to claim our rightful place among the world’s leading nations,” he said.

Goyal described the government’s development model as one focused on inclusive, sustainable, and honest growth, emphasising service, good governance, and innovation.

Citing economic indicators, Goyal said India has moved from being part of the ‘Fragile Five’ to becoming one of the top five economies.

He highlighted the country’s foreign exchange reserves, which recently touched $698 billion, robust banking sector health, and inflation levels averaging among the lowest in post-independence history.