Speaking at a virtual forum hosted by the Merchants’ Chamber of Commerce and Industry (MCCI), Goyal credited strong economic fundamentals and visionary leadership under Prime Minister Narendra Modi for India’s upward trajectory.
“The reforms of the last decade have been transformational, not just incremental. We are on course—and committed—to reaching our $5 trillion economy goal in the next three years. It is the first milestone on our path to Viksit Bharat 2047,” he said.
From Fragile to Formidable: A Global Turnaround
Once grouped among the ‘Fragile Five’, India now stands tall among the world’s top five economies—a remarkable turnaround driven by:
- Record-high foreign exchange reserves nearing USD 698 billion
- A robust banking system
- One of the lowest inflation rates in post-independence India
Goyal emphasized India’s macroeconomic stability in contrast to past disruptions like the 1975 Emergency, positioning the country as a reliable force amid global uncertainty.
Strategic FTAs to Empower MSMEs and Boost ExportsIndia is forging new-age Free Trade Agreements (FTAs) with developed economies such as the UK, Australia, and the EU, opening lucrative gateways for Indian MSMEs and exporters.
“These are not defensive agreements,” Goyal stated. “They’re strategic partnerships with advanced markets. Indian startups and MSMEs must seize these opportunities.”
Tech-Led Future: India’s Leadership in InnovationFrom AI to quantum computing to 3D printing, India is gearing up to lead the tech revolution. Goyal dismissed concerns about job displacement, encouraging a future-focused mindset that embraces innovation and upskilling.
“Our youth are aspirational and driven. Through partnerships with bodies like NASSCOM, we are preparing India’s workforce for an AI-powered future.”
A Model of Inclusive and Transparent Growth
Minister Goyal highlighted India’s growth model as one rooted in inclusivity, sustainability, and transparency. Praising PM Modi’s swift action during global crises—such as citizen evacuations from Ukraine and Iran—he reiterated the government’s commitment to people-centric development.
Calling upon Indian businesses to innovate, scale, and go global, Goyal concluded:
“Scale builds competitiveness. Competitiveness drives exports. Exports fuel prosperity. This is a national movement—and we all have a role to play.”
India’s Economic Ascent: A Global Story in the Making
From bold reforms to global partnerships, India is no longer just responding to global shifts—it is shaping them. As the nation builds towards Viksit Bharat 2047, the journey from Amrit Kaal to economic leadership is well underway.
India isn’t just rising. It’s ready to lead.
