Commerce and Industry Minister Piyush Goyal on Wednesday said India is poised to become the world’s third-largest economy by 2027 and is on the track to achieve the $30–35 trillion economy goal by 2047. The minister said while discussing the country’s expanding global trade engagement at the Global Economic Cooperation Summit in Mumbai. 

Addressing a large audience, Goyal said India emerged as “the forefront of building alliances, building friendships, aligning our own trade and investment imperatives with the rest of the world.” 

“We will be the third largest economy by 2027,” Goyal said, adding that the government is aiming to create a $30–35 trillion economy by 2047 as part of its long-term development road map. 

9 trade agreements in 4 years  

Goyal said India has signed nine trade agreements in the last four years, describing them as pacts built on trust and mutual benefit. 

“These trade agreements have been negotiated on the basis of trust. We are negotiating for the future. Free trade agreements are all for the future. What we are offering is an opportunity to participate in India’s future,” he added. 

He said India is poised for what he described as an unprecedented expansion in the coming decades.  

“We will be adding $26 trillion to our economy. We have never seen this kind of rapid growth in history, and never in the future,” he said, citing structural reforms and sustained economic momentum. 

Highlighting the government’s development agenda, Goyal credited Prime Minister Narendra Modi with focusing on inclusivity and improving quality of life. 

“Sixty-seven years after Independence, prime ministers and governments came and went, but no one thought about providing a washroom. Prime Minister Modi thought about it and focused on inclusivity, giving everybody a better quality of life and ease of living,” he said. 

Expansion of digital and physical infrastructure

The minister also pointed to the rapid expansion of digital and physical infrastructure. He said 5G connectivity has reached remote parts of the country and that India now has the world’s second-largest power transmission network, with a capacity of 500 gigawatts. 

India, currently the world’s fourth-largest economy, has stepped up efforts to secure trade partnerships and position itself as a key player in global supply chains amid shifting geopolitical dynamics.