Indias path to $5 Trillion economy and Modi governments economic reforms: Goyal explains
Union Minister Piyush Goyal sounded confident in India reaching a $5 trillion economy by 2027 and highlighted India's progress, emphasizing the nation's shift from being part of the "Fragile Five" to a top-five global economy.
Kolkata: Union Commerce and Industry Minister Piyush Goyal expressed confidence in India’s growth trajectory and strongly believed that the country would become a USD 5 trillion economy by 2027 despite global economic and other challenges. The minister praised Prime Minister Narendra Modi’s strong leadership, saying that a collective national effort and PM’s vision would enable the economy to reach new heights.
Addressing a virtual session organised by the Merchants' Chamber of Commerce and Industry (MCCI), Goyal also heaped praised on the Modi government's decade-long economic reforms as transformational rather than incremental.
"We are well on track to achieve the USD 5 trillion economy goal in the next three years. This will be the first milestone on our journey to 'Viksit Bharat' by 2047," Goyal said.
The Union minister sounded confident that India would sail through the geopolitical challenges and fulfill its economic agenda. He said that the country has to navigate turbulent waters with unity and determination as the international community is facing economic volatility and geopolitical headwinds.
"Great economies aren't built in calm waters. This is India's time. We must seize the moment and work together to claim our rightful place among the world's leading nations," he said.
Hailing PM Modi’s leadership, Goyal said his government's development model is focused on inclusive, sustainable, and honest growth, emphasising service, good governance, and innovation, PTI reported.
"The last 11 years have not been about incremental change. We have aimed for quantum leaps," he said.
Highlighting his government’s economic reforms, Goyal cited economic indicators, saying India is no longer called 'Fragile Five' and has been placed as the top five global economies.
The Union minister emphasised on his government's aggressive posture for sealing the free trade agreements (FTAs) with developed economies such as the UK, Australia, and the EU. He said the FTAs would benefit benefit Indian exporters and MSMEs.
"The FTAs we are signing are not with weak or competing economies but with advanced markets. These are complementary relationships, offering immense opportunities for our industry," he said, urging exporters and startups to take advantage of these deals.