Bharat is firmly on track to become the world’s third-largest economy by 2027 and a USD 30 trillion-plus economy by 2047, Union Commerce and Industry Minister Piyush Goyal said while addressing delegates at the World Hindu Economic Forum.

Outlining the Viksit Bharat growth model, Goyal said the country’s progress is anchored in civilisational values such as Vasudhaiva Kutumbakam, and strengthened through governance reforms, enterprise-led growth and innovation. He noted that the past decade has marked a decisive shift, with consistent reforms, political stability and transparent governance positioning Bharat as a global role model.

The Minister identified three pillars of growth. Public welfare initiatives across housing, sanitation, food security, healthcare, education and digital connectivity have enabled citizens, particularly youth, to participate more confidently in economic growth. Infrastructure expansion has accelerated across highways, airports, ports, railways and digital networks, with 99 per cent of Indian Railways now electrified, improving efficiency and sustainability. Innovation and enterprise reforms, including reduced compliance burden and improved ease of doing business, have supported entrepreneurship and job creation.

On global trade, Goyal said Bharat has adopted a balanced and confident approach to Free Trade Agreements, citing deals with the UAE, Australia and the EFTA bloc, alongside ongoing negotiations with developed economies. He added that measures such as marble imports from Oman would support domestic processing and boost Bharat’s marble industry, particularly in Rajasthan.

Goyal said Bharat is increasingly viewed as a trusted global partner, with its digital public infrastructure, including UPI, emerging as an international benchmark. He reiterated that unity, culture and collective responsibility would underpin the journey towards Viksit Bharat 2047.