Union Commerce and Industry Minister Piyush Goyal has said that India is firmly on track to become a 5 trillion US dollar economy by 2027, despite global turbulence, driven by a collective national effort. Speaking at a virtual session organised by the Merchants’ Chamber of Commerce and Industry (MCCI) yesterday, the minister said that the government has focused on calibrated growth tailored to the Indian narrative, built on Seva, Sushasan, and Navachar, that is, Service, Good Governance, and Innovation. Mr. Goyal said that the government under Prime Minister Narendra Modi has focused on quantum change over mere incremental progress. He added that all stakeholders, including the government, the business community, industry, trade, and 140 crore countrymen, are deeply aligned with the Prime Minister’s vision for Viksit Bharat 2047.
Citing key economic indicators, Mr. Goyal said India has transformed from being part of the “Fragile Five” to becoming one of the top five global economies. He highlighted the country’s foreign exchange reserves, which recently touched 698 billion US dollars, the robust health of the banking sector, and inflation levels that are among the lowest in the post-independence era.
The Union Minister also pointed to the government’s proactive pursuit of free trade agreements (FTAs) with developed economies such as the UK, Australia, and the European Union, aimed at benefiting Indian exporters and MSMEs. Speaking on the potential of emerging technologies, Mr. Goyal said India is prepared to lead in fields such as artificial intelligence, quantum computing, and 3D printing.
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