Union Commerce and Industry Minister Piyush Goyal reiterated that India is on pace to become a $5 trillion economy by 2027. He attributed the progress to persistent reforms, sound policies, and the leadership of Prime Minister Narendra Modi. Speaking at a virtual session organised by the Merchants’ Chamber of Commerce and Industry (MCCI), Goyal stated that the improvements over the last decade have been revolutionary rather than incremental.

He cited India’s rise from the “Fragile Five” to one of the world’s top five economies. Foreign exchange reserves are approaching $698 billion, inflation is low, and the banking system is strong. Goyal advised Indian businesses to be more ambitious, expand, and boost exports through innovation.

He emphasised the strategic relevance of India’s free trade agreements with advanced economies like the United Kingdom and Australia, which are likely to increase MSMEs and exports. Addressing concerns about employment losses due to technology, he stated that India is training its youth for an AI-driven future through collaborations with organisations such as NASSCOM.

Goyal called for inclusive and transparent economic growth, emphasising that India’s development is a collaborative endeavour. He concluded by encouraging Indian industry to take the lead in building a wealthy and self-sufficient nation.