‘Great economies are built in turbulent seas’: Piyush Goyal says India will be 3rd largest by 2027

“By 2027, we hope to become the third-largest economy in the world,” Goyal said, adding that the $5 trillion milestone is well within reach.

Union Commerce and Industry Minister Piyush Goyal on Tuesday said India is firmly on track to become a $5 trillion economy within the next three years and is poised to emerge as the world’s third-largest economy by 2027.

Speaking at a webinar organised by the Merchants' Chamber of Commerce & Industry (MCCI) on 'India's March Towards a $5 Trillion Economy: Navigating Global Challenges', Goyal expressed confidence in the country's economic trajectory and its ability to rise above global volatility.

“By 2027, we hope to become the third-largest economy in the world,” Goyal said, adding that the $5 trillion milestone is well within reach.

He credited the collective efforts of the government, the business community, and 140 crore Indians for aligning with Prime Minister Narendra Modi’s vision of Viksit Bharat 2047.

India’s global standing at all-time high

Goyal noted that India's international standing has improved significantly in recent years. He cited Operation Sindhu, the evacuation of Indian nationals from conflict zones, as an example of the government’s focus on citizen safety.

“The Indian passport today is a guarantee of safety and security,” he said.
The Minister also highlighted how India has protected its national interests in global trade negotiations and secured favourable outcomes for sectors where the country has a competitive edge.

Strong macroeconomic fundamentals

Pointing to India’s economic strength, Goyal said the country has come a long way from being part of the “Fragile Five” to now ranking among the world’s top five economies.

“Our macroeconomic fundamentals are strong. The banking system is robust and well-capitalised. Inflation is under control, down to 3% again,” he said.

He also underlined the government’s approach to quantum change, prioritising not just growth but also inclusivity, sustainability, and integrity.

'India’s moment to seize'

Goyal emphasised that turbulent times offer the biggest growth opportunities.

“History reminds us that great economies are not built in calm waters. Great economies are built in turbulent seas,” he said, urging all stakeholders to seize this moment.
He said the aspirations of 140 crore young Indians are at the heart of India’s growth story, and the government remains committed to empowering them with “decisive leadership and a resilient economy.”

MCCI’s role in Amrit Kaal

Praising MCCI’s 124-year legacy, Goyal called it a vital bridge between the government and industry.

“MCCI can also be seen as Mobilising Commerce and Connecting Industries,” he quipped, adding that such industry dialogues help policymakers stay aligned with ground realities.

He reiterated that the government’s focus remains on Seva (Service), Sushasan (Good Governance), and Navachar (Innovation), and that India’s growth is being carefully calibrated to suit the Indian narrative.

(With inputs from ANI)