India on track to become USD 5 trillion economy by 2027 despite global turbulence: Piyush Goyal
Kolkata: 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. 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. "The last 11 years have not been about incremental change. We have aimed for quantum leaps," he said. Citing economic indicators, Goyal said India has moved from being part of the 'Fragile Five' to becoming one of the top five global economies. He highlighted the country's foreign exchange reserves, which recently touched USD 698 billion, robust banking sector health, and inflation levels averaging among the lowest in post-independence history.
He also praised Prime Minister Modi's personal commitment to citizen welfare, referencing the government's swift evacuation efforts in global conflict zones, like Iran and Ukraine. Referring to the Emergency imposed in 1975, the minister drew a contrast with present-day India, calling it an "oasis of stability" in a globally unstable ecosystem. He also pointed to the government's aggressive free trade agreements (FTAs) with developed economies such as the UK, Australia, and the EU, which he said are designed to benefit Indian exporters and MSMEs. "The FTAs we are signing are not with weak or competing economies but with advanced markets. These are complementary relationships, offering immense opportunities for our industry," he said, urging exporters and startups to take advantage of these deals. Touching on the potential of AI and emerging technologies, Goyal said India is ready to lead in sectors like artificial intelligence, quantum computing, and 3D printing. "Rather than fearing job losses, we should focus on the opportunities to create new employment. Our youth are aspirational, and the government is working with industry bodies like NASSCOM to build AI skills," he added. He concluded by urging businesses to expand and bring economy of scale to foray into new markets and focus on innovation-led exports. "This is a virtuous cycle -- scale leads to competitiveness, which in turn fuels exports and prosperity. India's growth story belongs to all of us," he added.
