India ready for global challenges, set to be third-largest economy: Goyal

India is on track to become the third-largest economy in the world, with a stable currency, substantial forex reserves, and preparedness to meet global challenges, commerce and industry minister Piyush Goyal said on Friday.

 

“Today, India stands proud, resilient, and determined on the cusp of an extraordinary transformation. Under Prime Minister Narendra Modi, the nation is well on its way to becoming the third-largest economy in the world and is prepared to meet global challenges,” Goyal said at the eighth edition of the India Ideas Conclave.

 

The Indian currency has held its position as one of the least volatile among major currencies, and the forex reserves stand at about $675 billion—among the five largest in the world, the minister said.

 

India is committed to promoting sustainable trade practices and green technologies, ensuring that economic growth aligns with environmental responsibility. Advancing renewable energy targets, the country has already achieved 200 GW of the 500 GW target set for 2030, the minister added.

 

He also emphasised that research and innovation remain key pillars in India’s journey towards Viksit Bharat and urged industries to leverage the fund. “To encourage private sector participation in deep tech and sunrise domains, the Government of India has announced a fund of Rs 1 trillion, which will provide long-term financing to promote innovation. I urge industries to leverage this fund to scale up innovation in critical areas, in a public-private mode, with academia partnerships,” he said.