India is confidently progressing toward becoming a $5 trillion economy by 2027, despite the turbulence of global economic conditions. This assurance was delivered by Union Commerce and Industry Minister Piyush Goyal during a recent virtual address hosted by the Merchants’ Chamber of Commerce and Industry. Goyal credited the country’s decade-long reform agenda, guided by Prime Minister Narendra Modi, for laying the groundwork for this transformation. Far from being mere incremental changes, he described these reforms as bold and foundational for what he called “Viksit Bharat” — a fully developed India by 2047.
The Minister highlighted that India, once grouped among the “Fragile Five” economies, now ranks among the top five globally. He attributed this rise to several solid economic indicators: robust foreign exchange reserves nearing $698 billion, a resilient banking sector, and historically low inflation rates. These milestones, he said, reflect India’s position as an “oasis of stability” amidst geopolitical uncertainty.
Goyal also emphasized the importance of Free Trade Agreements with major economies like the United Kingdom, European Union, and Australia. These partnerships are being designed to give Indian exporters, particularly micro, small, and medium-sized enterprises (MSMEs), a competitive edge on the global stage.
Looking ahead, Goyal expressed optimism about India’s role in emerging technologies. He encouraged embracing artificial intelligence, quantum computing, and 3D printing not as threats to jobs but as engines of future employment and productivity. According to him, the right approach lies in upskilling the workforce and creating new economic opportunities from these disruptive innovations.
He called upon entrepreneurs and industry leaders to scale their businesses and innovate boldly. Expansion, he noted, leads to increased efficiency, which in turn fuels exports and economic prosperity. Concluding his address, Goyal urged a spirit of unity and collective purpose, saying India is positioned to seize the moment and shape its destiny as a global economic powerhouse.
