India’s GDP is expected to reach $5 trillion over the next three years, and Commerce and Industry Minister Piyush Goyal has emphasized that the country is well on its way to doing so.
He stated that “we hope to become the third largest economy in the world” by 2027 and that the Prime Minister’s goal for “Viksit Bharat 2047” is strongly supported by all parties involved, including the government, business community, industry, commerce, and the 140 crore Indians.
The minister claimed that the administration, led by Prime Minister Narendra Modi, has prioritized inclusive, sustainable, and honest growth over incremental advancement and has instead concentrated on bringing about a quantum shift.
He was presenting at a webinar on “India’s March Towards a $5 Trillion Economy: Navigating Global Challenges,” which was organized by the Merchants’ Chamber of Commerce and Industry (MCCI).
Regarding India’s economic power, Goyal said that it has risen from being among the world’s “fragile five” to ranking among the top five.
We are well-founded in macroeconomics. Our financial system has a significant lending capacity and is solid and strong. Our inflation rate is down to 3% once more, which is among the lowest India has ever witnessed,” he remarked.
The minister went on to say that the administration has concentrated on attaining growth that is in line with the Indian narrative and that adheres to “Seva, Sushasan, and Navachar”—service, good governance, and innovation.
He emphasized that in order to do this, MCCI will continue to be crucial during Amrit Kaal. Even in the face of global instability, turbulence, and uncertainty, these discussions give the government a greater understanding of what must be done to support industries.
History serves as a reminder that prosperous economies are not created in a vacuum. Goyal emphasized, “Great economies are built in turbulent seas,” and that now is India’s chance to take advantage of the opportunity.
He commended MCCI’s 124-year history, describing it as a link between industries, stakeholders, and the government. Goyal continued, “MCCI can be referred to as Mobilizing Commerce and Connecting Industries, because that is precisely what MCCI does.”
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