India needs 'last push' to become third-largest economy: Piyush Goyal

India, which became the fourth-largest economy earlier this year, is expected to overtake Germany and move into the third position in the next 2.5-3 years

Commerce and Industry Minister Piyush Goyal on Tuesday said India is very close to becoming the world’s third-largest economy and only needs the “last push” to get there by 2027.

 

Speaking at the annual Ficci convention in New Delhi, Goyal said, “We will become the third-largest economy in the next two years. Everyone should participate in giving the country the last push.”

 

Remembering the late advertising legend Piyush Pandey’s famous advertisement where he stresses on 'just one last push', Goyal said the next two years will be very important for India. "We must go ahead with full confidence and ensure we do not miss our 2027 goal of becoming a $5 trillion third-largest economy," he added. 

 

 

India became the world’s fourth-largest economy earlier this year after surpassing Japan. The country is expected to overtake Germany and move into the third position in the next 2.5 to 3 years. The International Monetary Fund has also said that India will continue to be the fastest-growing major economy.

Why Goyal wants reduced dependence on foreign suppliers

Goyal said that to achieve the goal of becoming a developed nation by 2047, India must focus on four key areas, including converting India into a strong domestic manufacturing hub, skilling the millennial generation, creating an investment-friendly regulatory environment, and focusing on technology.

 

The minister urged companies to strengthen Indian manufacturing and examine their supply chains for vulnerabilities. He said dependence on a single supplier can hurt capabilities, especially in times when "global trade can be weaponised".

 

Highlighting that sectors like pharmaceuticals remain vulnerable because India depends heavily on other countries, he said "making India a global manufacturing hub should be a top priority".

Underemployment can be solved by upskilling

The minister also said that all young people born after 2000 must be trained and upskilled. There is a high demand for skilled workers, he said, adding that India faces underemployment more than unemployment.

 

"The only way to tackle underemployment is by upskilling," he noted.

 

Goyal said the government is working to make India more attractive for investment by deregulating sectors, promoting ease of doing business, reducing compliance burdens and removing outdated laws. He also emphasised the need to focus on advanced technologies such as artificial intelligence, quantum computing and machine learning.

 

With growing government support for startups and innovation funds, he said India must take full advantage of the technological revolution.