India is steadily advancing toward becoming a $5 trillion economy within the next three years, according to Union Commerce and Industry Minister Piyush Goyal. In a recent webinar hosted by the Merchants’ Chamber of Commerce and Industry (MCCI), the minister expressed confidence that by 2027, India could also emerge as the world’s third-largest economy.
Economic transformation rooted in inclusivity and innovation
Highlighting the shift from incremental to transformative reforms, Mr. Goyal noted that under Prime Minister Narendra Modi’s leadership, India’s growth has focused on inclusivity, sustainability, and integrity. He emphasized the government’s efforts to lay a strong macroeconomic foundation, crediting a resilient banking sector, low inflation rates—currently down to 3%—and robust lending capacity as signs of a healthy economy.
The country, once labelled part of the “fragile five,” now ranks among the top five global economies, Mr. Goyal pointed out. He credited this progress to a unified national effort involving the government, private sector, and 140 crore citizens aligned with the vision of ‘Viksit Bharat 2047’.
MCCI’s role in India’s economic journey
Mr. Goyal commended the role of industry stakeholders in advancing India’s economic goals and called for greater collaboration between business communities and government bodies. Referring to MCCI’s 124-year legacy, he described the chamber as a bridge between policymakers and industry, crucial for facilitating dialogue and development.
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He praised the MCCI’s ongoing support and said that its contributions are vital during this period of economic transformation, which he termed India’s “Amrit Kaal.” He added, “MCCI can be seen as Mobilizing Commerce and Connecting Industries, which is exactly what it does.”
Global turbulence as an opportunity
Acknowledging global economic volatility, Mr. Goyal remarked that great economies are built during turbulent times, not calm ones. He urged Indian industries to seize the moment, adapt to changing conditions, and not miss out on the opportunities that lie ahead.
He further underlined the government’s commitment to economic growth that blends good governance, innovation, and service, encapsulated in the guiding principles of “Seva, Sushasan, and Navachar.”