India on track to become USD 5 trillion economy by 2027 despite global turbulence: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal said India is firmly on track to become a USD 5 trillion economy by 2027 despite global turbulence, driven by a collective national effort and strong leadership under Prime Minister Narendra Modi. Speaking at a virtual session organised by the Merchants' Chamber of Commerce and Industry (MCCI), Goyal also hailed the government's decade-long economic reforms as transformational rather than incremental. Goyal stated that the government under the Prime Minister has focused on quantum change, not incremental progress and it focused not only on growth, but on inclusive, sustainable, honest growth. On India's economic strength, Goyal stated that the country has moved from being part of the fragile five to becoming 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 lend. Our inflation is among the lowest India has ever seen ' down to 3 percent again,' he said.

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