India to be 3rd largest economy by 2027-28, eyes $35 trillion by 2047: Piyush Goyal at GEC

Commerce and Industry Minister Piyush Goyal on Tuesday said India is on track to become the world’s third-largest economy by 2027 and is working towards building a $30–35 trillion economy by 2047, as he highlighted the country’s growing global trade footprint at the Global Economic Cooperation (GEC) Summit in Mumbai.

Addressing industry leaders and global stakeholders, Goyal said India today stands “at 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 asserted, adding that the government is looking at creating a $30–35 trillion economy by 2047 to power India into the league of developed nations.


The minister said India has signed nine trade agreements in the last four years, 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 said.

He emphasised that “trust and a position of strength” are the two pillars of India’s trade agreements, underlining that the country has safeguarded sensitive sectors.

Goyal said India is set to witness 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, pointing to structural reforms and sustained growth momentum.

Highlighting the government’s development agenda, Goyal credited Prime Minister Narendra Modi for focusing on inclusivity and 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.

He also cited the rapid expansion of digital and physical infrastructure, noting that 5G connectivity has been taken to the remotest parts of the country and that India now has the world’s second-largest transmission network with a capacity of 500 GW.

Goyal outlined a broader philosophy guiding India’s economic diplomacy, saying engagement must be proactive and stakeholder-driven. “The first principle of economic diplomacy is that don’t sit so far away from your stakeholders. Come closer to them,” he said, stressing the importance of building confidence and long-term partnerships.

He asserted that economic isolation is no longer an option in a globally interconnected world. “Gone are the days that one could live in economic isolation. One has to engage with the rest of the world, expand international trading arrangements and secure markets,” the minister said.

According to Goyal, modern economic diplomacy goes beyond trade volumes and focuses on attracting investments, securing access to cutting-edge technology, and creating global opportunities for Indian youth and capital. Highlighting India’s recent pace of deal-making, he said the country has signed nine trade agreements since 2022, some of which had been under negotiation for nearly two decades.

He described these agreements as long-term investments aligned with India’s growth trajectory over the coming decades. Emphasising India’s stronger negotiating posture, Goyal said the country no longer engages “as a meek nation” and is unapologetic about safeguarding domestic priorities.

He underscored that sensitive sectors such as farmers, MSMEs, fishermen and jobs remain central to negotiations, adding that India has not opened its dairy sector in any trade agreement. Summing up his approach in a single word, Goyal said “trust” remains the cornerstone of successful negotiations, noting that sincerity and strength help secure favourable outcomes.