India is well on track to achieve a $5 trillion economy and the expectation is to reach this milestone within the next three years, Commerce and Industry Minister Piyush Goyal has stressed.

By 2027, “we hope to become the third largest economy in the world,” he said, adding that all stakeholders — government, business community, industry, trade, and 140 crore Indians — are deeply aligned with the Prime Minister's vision for ‘Viksit Bharat 2047’.

The minister stated that the government, under Prime Minister Narendra Modi, has focused on quantum change, not incremental progress and it focused not only on growth, but on inclusive, sustainable and honest growth.

He was speaking at a webinar hosted by the Merchants' Chamber of Commerce and Industry (MCCI) on ‘India’s March Towards a $5 Trillion Economy: Navigating Global Challenges’.

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 high ability to lend. Our inflation is among the lowest India has ever seen — down to 3 per cent again,” he said.

The minister further said that the government has focused on achieving growth that is calibrated for the Indian story and that believes in ‘Seva, Sushasan and Navachar; — Service, Good Governance and Innovation.

He highlighted that MCCI will continue to play a very important role during Amrit Kaal in achieving this goal. 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.

“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.

He praised MCCI’s 124-year journey, calling it a bridge between the government, stakeholders, and industries. “MCCI can be called as Mobilizing Commerce and Connecting Industries, because that is exactly what MCCI does,” Goyal added.