Indias Economy Approaches $20 Trillion Mark, Says Piyush Goyal
Piyush Goyal announces Indias economy nearing $20 trillion, highlighting growth and global trade partnerships.
New Delhi, September 25 (Daily Kiran) : India’s economy is now close to $20 trillion when measured by purchasing power parity (PPP), making it the third-largest economy globally. This announcement was made by Commerce and Industry Minister Piyush Goyal.
Purchasing power parity refers to the exchange rates that aim to equalize the purchasing power of different currencies by eliminating price level differences across countries.
Goyal emphasized that as India progresses towards its goal of becoming a $30 trillion economy, the gap in these measures will continue to narrow. He highlighted that India’s approach to trade talks reflects its changing economic landscape and aims to strengthen connections with global markets.
Speaking at the 13th ‘PAFI Annual Forum 2026’ in the national capital, Goyal noted that India is negotiating trade and economic partnerships as it aspires to reach a $30 trillion economy. Current discussions involve countries such as Canada, Chile, Peru, the Southern African Customs Union (SACU), Mexico, the Maldives, Eurasia, Central Asia, Russia, the Gulf Cooperation Council (GCC), and Israel.
The objective of these negotiations is to enhance India’s participation in global value chains and supply chains, facilitating the movement of goods and services.
In the next five years, India’s annual semiconductor consumption is expected to exceed $150 billion. Goyal also stressed the importance of developing capabilities within the AI ecosystem, including large language models and agentic models.
The focus is now on fostering innovation and supporting Indian startups within the deep-tech ecosystem. He noted that India has become the third country to launch rockets into space through the private sector.
Furthermore, Goyal remarked on the increasing awareness of global events and opportunities among India’s youth, expressing confidence in their ability to make informed decisions about their future. He also discussed the growth of India’s startup ecosystem.
