India to Become World’s Third-Largest Economy by 2027: Piyush Goyal at Startup Mahakumbh

New Delhi: India, currently the world’s fifth-largest economy, is poised to become the fourth-largest by 2025 and the third-largest by 2027, surpassing economic giants like Japan and Germany. Union Minister of Commerce and Industry, Piyush Goyal, announced this milestone at the inaugural ceremony of the second edition of ‘Startup Mahakumbh’ held in the capital on Thursday.

Goyal attributed this remarkable growth to India’s thriving startup ecosystem, emphasizing its critical role in driving economic progress. "Our robust startup ecosystem is the backbone of this growth," he stated, highlighting the need for investments in emerging technologies such as robotics, automation, machine learning, 3D manufacturing, and next-generation factories.

The minister stressed that these innovations are pivotal for realizing the vision of ‘Viksit Bharat 2047,’ aiming to establish India as a global leader in industry and innovation. "Startups are not just businesses; they are engines of change and progress," Goyal added.

Speaking about the government’s support for the startup ecosystem, Goyal encouraged Indian investors to actively invest in domestic startups. He assured that the government remains committed to nurturing innovation and entrepreneurship, providing support to entrepreneurs facing challenges in their journey. "We will handhold and support those who face hurdles, urging them to persevere and try again," he said.

Goyal also called for increased domestic capital investments, emphasizing that a strong foundation of indigenous investment is essential for reducing dependency on foreign capital and ensuring long-term economic resilience.

He lauded the organizing committee, sponsors, and participants for their efforts in making the event a grand success and expressed his ambition to make the next Startup Mahakumbh even bigger, aiming for participation from all 770 districts across India.

Sanjiv, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), highlighted that India’s startup ecosystem is a powerhouse of innovation, and ‘Startup Mahakumbh’ stands as a testament to its strength and potential.

Harsha Vardhan Agarwal, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), also spoke at the event, stating, “India is increasingly becoming a preferred destination for startups that were once established outside the country, thanks to favorable policies and easier access to capital.”

The event, running from April 3 to 5, showcased the dynamic spirit of India’s entrepreneurial landscape, underscoring the country’s emergence as a global economic powerhouse.