India is set to achieve a US$ 5 trillion economy by 2027, even with global challenges, according to Mr. Piyush Goyal.

The Union Minister of Commerce & Industry, Mr. Piyush Goyal, asserted that India is on a solid path to achieving a Rs. 4,29,75,000 crore (US$ 5 trillion) economy by 2027, despite global challenges, supported by a unified national effort and strong guidance from Prime Minister Mr. Narendra Modi. In a virtual session organized by the Merchants' Chamber of Commerce and Industry (MCCI), he described the government's decade-long economic reforms as revolutionary rather than just incremental. He mentioned that reaching this milestone would be the initial step toward realizing 'Viksit Bharat' by 2047. Highlighting India's resilience in the face of geopolitical challenges, he called for collective national efforts to capitalize on the present economic opportunity. He underscored that India has transformed from being among the 'Fragile Five' to being one of the top five economies globally. He pointed to significant indicators such as foreign exchange reserves reaching Rs. 6 Lakh crore (US$ 698 billion), a stable banking sector, and historically low inflation levels in post-independence India. Praising the government's inclusive and innovation-driven development strategy, he contrasted it with past instability, referring to contemporary India as an “oasis of stability.” He also highlighted the significance of Free Trade Agreements (FTAs) with developed nations including the UK, Australia, and the European Union, aimed at bolstering MSMEs and exporters. Discussing future technologies, he expressed India's readiness to take a lead in artificial intelligence, quantum computing, and 3D printing. Instead of fearing displacement of jobs, he advocated for utilizing these technologies to generate employment. He concluded with a call for businesses to expand, innovate, and access global markets, emphasizing that scaling up increases competitiveness, driving exports and ensuring shared prosperity throughout the nation.