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At a recent MCCI webinar, Union Commerce Minister Piyush Goyal stated that India is poised to become the world's third-largest economy by 2027 and achieve a USD 5 trillion economy within three years. Highlighting India's transformation from the 'fragile five' to a top-five global economy, he credited resilient macroeconomic policies, strong banking systems, and low inflation. Emphasising decisive action during global uncertainty, he outlined the government's vision for 'Viksit Bharat 2047' with honest, inclusive, and sustainable growth. He praised India's youth-driven aspirations and reiterated the government's commitment to good governance, innovation, and international collaboration, while commending MCCI's century-old role in shaping industry policy.
During a recent webinar hosted by the Merchants' Chamber of Commerce & Industry (MCCI), Union Minister of Commerce and Industry Shri Piyush Goyal declared that India is expected to become the third-largest economy in the world by 2027 and is firmly progressing toward achieving a USD 5 trillion economy within the next three years. Advertisement
Speaking on the theme 'India's March Towards a USD 5 Trillion Economy: Navigating Global Challenges', the Minister noted that India is no longer part of the 'fragile five' economies and has successfully emerged among the top five global economies. He attributed this transformation to the country's resilient macroeconomic foundation, a robust banking system with high lending capacity, and historically low inflation, which has now come down to approximately 3 percent.
Goyal credited the nation's progress to a strong alignment among the government, industry, business leaders, and India's 140 crore citizens with the vision of Viksit Bharat 2047. He remarked that India's journey under Prime Minister Narendra Modi's leadership has been defined by a pursuit of quantum change rather than incremental steps. The government, he said, has prioritised not just growth, but growth that is honest, inclusive, and sustainable.
He emphasised that great economies often emerge from difficult times, not tranquil periods. India, he said, is currently in such a defining phase and must not let this opportunity pass. "History reminds us that great economies are not built in calm waters," he noted, stressing the urgency of acting decisively in the face of global uncertainties.
Addressing India's position on the global stage, the Minister stated that the country has consistently defended its core interests in sensitive matters while negotiating favorable outcomes in sectors where Indian industries hold a competitive advantage. He added that India's international reputation is at an unprecedented high, and referenced Operation Sindoor as a recent example of the government's ability to ensure the safety and security of Indian citizens abroad.
He also highlighted the aspirations of India's youthful population, stating that 140 crore young citizens are striving for better lives, and that the government stands ready to support them through resilient leadership and an enabling economic environment.
Reinforcing the government's guiding principles of Seva (Service), Sushasan (Good Governance), and Navachar (Innovation), Goyal noted that India's economic policy is calibrated for domestic strengths and realities, yet agile enough to engage with global markets.
He lauded MCCI's 124-year legacy, describing it as a vital bridge between industry stakeholders and policymakers. He said the chamber has consistently played an instrumental role in connecting commerce and advancing industry interests. Rephrasing MCCI's name, he remarked that it could well be seen as 'Mobilising Commerce and Connecting Industries' aptly summarising its influence during India's ongoing Amrit Kaal.
Source: ANI
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