Union Commerce and Industry Minister Piyush Goyal on Tuesday said that India is steadily progressing towards becoming a 5 trillion dollar economy by 2027, despite global challenges. He credited this growth to the collective efforts of the nation and strong leadership under Prime Minister Narendra Modi. Speaking during a virtual session organized by the Merchants' Chamber of Commerce and Industry (MCCI), Goyal highlighted that the government's economic reforms over the past decade have been bold and transformative rather than gradual.

"We are confidently moving towards achieving the 5 trillion dollar economy target in the next three years. This will mark the first major step towards building a developed India by 2047," Goyal stated. Acknowledging global economic uncertainty and geopolitical tensions, he emphasized the need for unity and resilience. "Great nations are not built in times of ease. This is India's moment. We must work together to rise as a global leader," he said.

Goyal explained that the government's development model promotes inclusive, sustainable, and transparent growth with a focus on service, governance, and innovation. "The progress over the past 11 years has not been about small improvements — we have aimed for significant advancements," he said. He pointed out that India has progressed from being labeled among the 'Fragile Five' to now ranking among the world's top five economies. He mentioned key indicators such as foreign exchange reserves reaching 698 billion dollars, a strong banking sector, and historically low inflation rates.

Goyal also highlighted the Prime Minister’s dedication to public welfare, citing quick evacuation efforts during conflicts in countries like Iran and Ukraine. Comparing past political instability to the present, he described today's India as a “stable oasis” amid global uncertainty. He also spoke about the government’s active engagement in free trade agreements (FTAs) with developed nations like the UK, Australia, and the European Union, which he said are designed to help Indian exporters and MSMEs.

“These agreements are with strong, developed economies and create win-win opportunities. Our exporters and startups must take full advantage,” he encouraged. On the technology front, Goyal said India is ready to lead in areas like artificial intelligence, quantum computing, and 3D printing. He urged people to see these technologies as job creators rather than threats. "The youth of India are ambitious, and we are working closely with organizations like NASSCOM to build the necessary skills for the future," he added. He concluded by encouraging businesses to scale up, innovate, and enter new markets. “When businesses grow, they become more competitive, which increases exports and overall prosperity. India’s success story is one that belongs to every citizen,” Goyal said.