‘Great economies are not built in calm waters’: Piyush Goyal says, ‘India to become third largest economy by 2027’

Union Minister of Commerce and Industry Piyush Goyal said that India is on course to become the world’s third-largest economy by 2027 and is expected to reach a USD 5 trillion GDP within the next three years.

He further noted that the country is making steady progress toward this economic milestone.

Goyal said this while speaking at a webinar hosted by the Merchants' Chamber of Commerce & Industry (MCCI) on 'India's March Towards a $5 Trillion Economy: Navigating Global Challenges' on Tuesday.

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“By 2027, we hope to become the third largest economy in the world,” he said.

He added that all stakeholders, the government, business community, industry, trade, and 140 crore Indians, align deeply with the Prime Minister's vision for Viksit Bharat 2047.

The Minister noted that India has successfully defended its interests wherever issues are sensitive and secured benefits in sectors where Indian industry has a comparative advantage and can compete fairly with the world.

"History reminds us that great economies are not built in calm waters. Great economies are built in turbulent seas," Goyal emphasised, adding that this is India's time to seize the moment and that the opportunity must not be missed.

On India's economic strength, Goyal stated that the country has moved from being part of the fragile five to becoming one of the top five economies in the world.

"We have a strong macroeconomic foundation. Our banking system is strong and robust, with a high ability to lend. Our inflation is among the lowest India has ever seen -- down to 3 per cent again," he said.

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The Minister highlighted that MCCI will continue to play a very important role during Amrit Kaal in achieving this goal. He said that such dialogues help the government better understand what needs to be done to support industries, even in the face of global volatility, turbulence, and uncertainty.

(With inputs from ANI)