Union Minister Piyush Goyal Calls For Swift Action To Make India A US$ 10 Trillion Economy

Union Commerce and Industry Minister Piyush Goyal called for decisive action, agile thinking and timely decisions to sustain India’s economic growth while addressing the PHD Chamber of Commerce and Industry’s (PHDCCI) 121st Annual Session in New Delhi on October 10, 2025.

Congratulating the chamber on completing 121 years, Goyal highlighted India’s expanding global role and its ambition to become a trusted international trade partner.

“We shall do, we can do it, and we must do it,” he said, emphasising the need to turn challenges into opportunities.

The Minister identified India’s young population, skilled workforce, growing domestic consumption and adoption of modern technologies as key economic strengths.

He said trade agreements could help Indian businesses enter new markets, diversify exports and strengthen global supply chains.

He cited the India–UK Comprehensive Economic and Trade Agreement as an important development and highlighted ongoing and prospective negotiations, including engagement with Canada.

Goyal stressed that India’s ambition to become a US$ 10 trillion economy would require investment, higher productivity, better infrastructure and a competitive manufacturing and services ecosystem.

India aims to achieve US$ 1 trillion in exports in FY 2026–27, targeting 15 per cent growth. Reaching this goal will require improved product quality, reliable delivery, market diversification and greater participation in global value chains.

Investment, Technology and Skills

Goyal highlighted foreign investment and the expansion of Global Capability Centres (GCCs) as opportunities to generate high-value employment, encourage innovation and strengthen technology capabilities.

He also emphasised domestic manufacturing, resilient supply chains, industry-linked skills and support for MSMEs and farmers.

India’s COVID-19 vaccine production and international vaccine supplies demonstrated the importance of domestic capabilities and global cooperation, he said.

PHDCCI President Rajeev Juneja welcomed the Minister and also described the chamber as a voice for trade and industry, supporting MSMEs, start-ups and technology.

Vice-President Anil Gupta delivered the vote of thanks. PHDCCI office-bearers, former presidents, industry representatives, diplomats and media members also attended the session.

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