The Minister of Commerce and Industry of the Union Piyush Goyal said India has become the third largest economy in the world by 2027 and is expected to reach 5 trillion trillion USD over the next three years.
He further noted that the country has been making a constant progress towards this economic milestone.
Goyal said this when he spoke to a webinar organized by the Chamber of Commerce (MCCI) on the “Indian March towards the economy of $ 5 trillion: Navigation of global challenges” on Tuesday.
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“By 2027, we hope to become the third largest economy in the world,” he said.
He added that all parties involved, the government, the business community, industry, trade and 140 crore Indians will be deeply associated with the vision of the Prime Minister for Viksit Bharat 2047.
The Minister noted that India has successfully prevented its interests wherever there are problems sensitive and secured benefits in the sectors where the Indian industry has a comparative advantage and can compete fairly to the world.
“History reminds us that large economies are not built in calm waters. Great economies are built in turbulent seas,” Goyal stressed, adding that this is time to entertain this moment and that the opportunity must not be missing.
As for India’s economic power, Goyal said that the country has moved from a fragile five to become 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 borrow. Our inflation is one of the lowest India – again up to 3 percent,” he said.
The Minister stressed that MCCI will continue to play a very important role during AMRIT Kaal in achieving this goal. He said that 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.
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