India Set to Become $5 Trillion Economy by 2027, Aims for 3rd Largest Global Rank: Piyush Goyal
India is firmly on course to becoming a $5 trillion economy within the next three years, and is poised to emerge as the world’s third-largest economy by 2027, Union Commerce and Industry Minister Piyush Goyal said on Tuesday.
Speaking at a webinar organised by the Merchants’ Chamber of Commerce and Industry (MCCI) on the theme ‘India’s March Towards a $5 Trillion Economy: Navigating Global Challenges’, the minister underlined that this ambitious goal aligns closely with the nation’s vision for Viksit Bharat 2047.
“All key stakeholders — government, businesses, industry, trade, and 140 crore Indians — are working in sync with Prime Minister Narendra Modi’s vision,” Goyal noted. He emphasized that the government is committed not to incremental change, but to quantum transformation that is inclusive, sustainable, and built on integrity.
Highlighting India’s economic turnaround, Goyal pointed out that the country has progressed from being listed among the “Fragile Five” economies to now being among the world’s top five. “Our macroeconomic fundamentals are strong, our banking system is robust, and our inflation has moderated to around 3 percent — one of the lowest levels seen in recent years,” he added.
The minister said that India’s growth model rests on the pillars of Seva (Service), Sushasan (Good Governance), and Navachar (Innovation). He stressed the importance of institutions like MCCI in supporting national objectives and serving as a bridge between government and industry, especially amid global volatility.
“History tells us that great economies are built in turbulent times, not calm waters,” Goyal remarked. “India’s moment is now — we must seize this opportunity with confidence and unity.”
Goyal also lauded MCCI’s 124-year legacy, calling it a symbol of resilience and collaboration. “MCCI can well be called ‘Mobilizing Commerce and Connecting Industries’ — and that’s precisely what India needs as we move forward into Amrit Kaal,” he concluded.
