India set to become 3rd largest economy by 2027: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal said on Thursday that India is on track to become the world’s third largest economy by the end of 2027. Citing multilateral lender International Monetary Fund’s projections, the Union Minister exuded confidence that the domestic economy is progressing in this regard and will reach the milestone within the timeframe.  
 

Here are key takeaways from the trade minister’s address at the event:

FDI

• India has returned on the global foreign direct investment (FDI) track 
• Its FDI numbers are consistently breaking records after a brief slowdown that lasted for about a year
• We are back on track on the growth trajectory
• European Free Trade Association (EFTA) countries will invest $100 billion FDI in 
• 15 years
• $100 billion FDI to crystallise $500 billion of investment

Inflation

• Domestic inflation has been below 4 per cent for three months
• RBI has maintained a good balance

Capital market

• India's stock market has probably grown over 300 per cent (4X) since 2014
• Today, Nifty is nearly touching 25,000
• It was probably at about 5,700 or 5,800 when we came into power in 2014