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Informist, Wednesday, Feb. 18, 2026

 

--Minister Goyal: India to become 3rd largest economy by 2027-28 
--CONTEXT: Minister Goyal speaks at Global Econ Cooperation Summit in Mumbai 

--Minister Goyal: Don't see farmers having any complaint about US trade deal 

 

NEW DELHI – India, which is currently the fourth-largest economy globally, will become the third-largest economy by 2027-28, Commerce Minister Piyush Goyal said Wednesday. This is two years earlier than the timeline set by the government for the goal. The government has projected India's GDP to expand to $7.3 trillion to become the third-largest economy by 2030. 

 

The government's approach towards strengthening macroeconomic fundamentals and improving public welfare helped India become the fourth-largest GDP in the world from eleventh largest economy in 2013, Goyal said at the Global Economic Cooperation Summit in Mumbai. "This was despite the COVID-19 pandemic, which set us back a little. By 2027–28, we will be the third-largest GDP in the world," he said.  

 

India is also likely to remain the fastest growing economy for the next two to three decades, Goyal said. A massive thrust on public investment in infrastructure, coupled with private investments, creates an ecosystem of multiplier effects, and this shows that India's growth story is sustainable, the minister added. 

 

Strong economic growth and macroeconomic stability also gives the government leverage to negotiate trade deals from a position of power, Goyal said, adding that the commerce department negotiates agreements with a holistic approach. "I have not done a single agreement which had a single concession which was not approved by the line ministry and by the stakeholders in the private sector," he said.

 

On India's trade deal with the US, Goyal assured that Indian farmers and small business owners are "fully-protected". "Not a single farmer will have cause for complaint once the full text (of the India-US trade deal) is out," the minister said.

 

India and the US recently concluded a trade agreement, under which the US has removed the penal tariff of 25% on Indian goods and has committed to cut reciprocal tariffs to 18% from 25%. Washington had imposed a 50% tariff on Indian goods in August, which included a 25% reciprocal tariff and 25% punitive tariff for New Delhi's strategic partnership with Moscow. 

 

Both sides are currently engaged in formalising the document of the trade deal and are likely to sign it by mid-March. The trade deal is set to lift a large chunk of uncertainties on India's exports growth and external sector stability. The US is India's largest export destination, with outbound shipments worth $86.51 billion in 2024-25 (Apr-Mar), and imports worth $45.69 billion.   End

 

US$1 = INR 90.67

 

Reported by Krity Ambey

Edited by Tanima Banerjee

 

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