India on Track for $5 Trillion Economy by 2027, Says Commerce Minister
Union Commerce Minister Piyush Goyal stated that India is on course to achieve a $5 trillion economy by the year 2027. This projection underscores the government's confidence in the nation's economic trajectory, driven by ongoing reforms and growth initiatives. Achieving this milestone would solidify India's position as a major global economic power.
Unpacked:
Key reforms include transformational economic policies over the past decade, improvements in logistics, trade facilitation, and government-business collaboration. The government’s five-year masterplan emphasizes infrastructure upgrades, ease of doing business, and sector-specific growth to accelerate economic expansion.
Achieving the $5 trillion mark by 2027 is expected to make India the world’s third-largest economy, surpassing other major economies and solidifying its position as a global economic power.
Challenges include global economic volatility, geopolitical headwinds, and the need for unity and determination to navigate turbulent international markets. Maintaining growth amid these uncertainties will require coordinated national effort and continued reforms.
This target is considered the first major milestone on the path to ‘Viksit Bharat’ (Developed India) by 2047, reflecting the government’s long-term vision for sustained economic and social progress.