India set to become $5 trillion economy soon

New Delhi

India is steadily moving toward becoming a $5 trillion economy and is expected to achieve this goal within the next three years, said Commerce and Industry Minister Piyush Goyal. He believes that by 2027, India could also become the third-largest economy in the world.

Speaking at a webinar hosted by the Merchants’ Chamber of Commerce and Industry (MCCI), Goyal emphasized the nation’s united push for progress, involving the government, businesses, and India’s 140 crore citizens. All are aligned with Prime Minister Narendra Modi’s vision of Viksit Bharat by 2047.

He stressed that the government is aiming for transformational changes rather than small steps, with a focus on inclusive, honest, and sustainable growth. India, once among the “fragile five” economies, is now one of the world’s top five, thanks to strong macroeconomic fundamentals.

Goyal pointed out that India’s banking system is stable, inflation is low at 3%, and the country is seeing robust lending capacity. The foundation for long-term growth, he added, is already in place.

The minister praised MCCI’s 124-year contribution, calling it a vital bridge between the government and industry. He encouraged ongoing dialogues to help shape policies that support growth despite global uncertainty and turbulence.

“Our growth story is rooted in service, good governance, and innovation (Seva, Sushasan, Navachar),” he said. Goyal concluded by urging India to seize the moment, stating that “great economies are built in turbulent seas, not calm waters.”