Bharat on track to become 3rd largest economy by 2027, USD 30 trillion by 2047: Piyush Goyal at WHEF
MUMBAI: Union Minister of Commerce and Industry Shri Piyush Goyal said that Bharat is firmly on track to become the world’s third-largest economy by 2027 and a USD 30 trillion-plus economy by 2047, driven by governance reforms, enterprise-led growth, and innovation. He was addressing delegates at the World Hindu Economic Forum (WHEF) while speaking on the vision of Viksit Bharat.
Shri Goyal said Bharat’s development journey is rooted in its civilisational values of Vasudhaiva Kutumbakam, which view the world as one family. He noted that this philosophy, articulated by Swami Vivekananda over a century ago and reinforced globally through Bharat’s G20 presidency in 2023 under Prime Minister Shri Narendra Modi, provides a sustainable model for global governance.
Highlighting Bharat’s economic evolution, the Minister said the country moved through phases of constrained growth after Independence, policy stagnation, and instability, before witnessing meaningful reform. He said the last decade has marked a decisive shift, with Bharat emerging as a global role model due to consistent reforms, political stability, and transparent governance.
Shri Goyal outlined the three core pillars of Bharat’s growth strategy under the current government. The first pillar is public welfare. He said large-scale initiatives in housing, sanitation, food security, electricity, water supply, healthcare, education, and digital connectivity have ensured that basic needs are met for citizens. These measures, he added, have enabled people, especially the youth, to aim higher and participate confidently in economic growth.
The second pillar, he said, is infrastructure. Bharat has seen rapid expansion in highways, expressways, airports, railways, ports, and digital networks. He highlighted that 99 percent of Indian Railways is now electrified, improving efficiency, safety, and sustainability. Infrastructure development, has a strong multiplier effect by generating employment, boosting trade and industry, and strengthening the overall economy, he said.
The third pillar is innovation and enterprise. Shri Goyal said the government has focused on reducing compliance burden, simplifying processes, improving ease of doing business, and promoting research and development. These reforms have encouraged entrepreneurship and job creation, while positioning Bharat as a responsible global growth partner.
Speaking on trade and global engagement, Shri Goyal said Bharat now negotiates Free Trade Agreements (FTAs) with confidence, balance, and national interest at the core. He highlighted key FTAs signed in recent years, including agreements with the UAE, Australia, and the Economic and Trade Agreement with the EFTA bloc comprising Switzerland, Norway, Iceland, and Liechtenstein. He also referred to agreements with Mauritius and ongoing engagements with several developed economies. He indicated that upcoming FTAs will be balanced, fair, and designed to protect and promote Bharat’s industry and manufacturing.
The Minister said these agreements are opening new markets for Bharat’s businesses while ensuring reciprocity. As an example, he pointed to the import of marble blocks from Oman, which will support Bharat’s marble processing industry, particularly in Rajasthan, and give the sector access to wider regional markets.
Shri Goyal noted that Bharat today is viewed globally as a trusted partner with decisive leadership and policy consistency. He said digital public infrastructure such as UPI has become a global benchmark, with several countries seeking to adopt similar systems.
Concluding his address, Shri Goyal said Bharat’s strength lies in its culture, unity, and sense of collective duty. He said that by learning from history, staying united, and working together, Bharat is committed to achieving the goal of Viksit Bharat 2047. He added that Bharat will continue to grow, reform, and lead, without slowing down, until it achieves the goal of a fully developed nation.
About World Hindu Economic Forum (WHEF) 2025
The World Hindu Economic Forum (WHEF) 2025 is a global platform that brings together policymakers, industry leaders, entrepreneurs, investors, and thought leaders from Bharat and across the world to deliberate on economic growth, governance, enterprise, innovation, and sustainable development. The forum focuses on advancing the vision of Viksit Bharat by aligning economic progress with Bharat’s civilisational values, fostering global partnerships, and promoting inclusive and balanced growth.