India Moving Toward $30 Trillion Economy Goal, Increasing Global Supply Chain Participation: Piyush Goyal

Union Minister of Commerce and Industry Shri Piyush Goyal discussed India's increasing participation in the global economy and its efforts to strengthen its position in the supply chain during the 'Leadership Dialogue' at the 13th PFAI Annual Forum 2026 held in New Delhi.

In his address, Shri Goyal stated that India is currently negotiating trade and economic partnerships as an economy expected to become a $30 trillion economy in the future. He noted that India is currently a $4 trillion economy, while on a Purchasing Power Parity (PPP) basis, it is approximately a $20 trillion economy, making it the third-largest economy in the world.

The Minister highlighted that India aims to strengthen its integration with global markets. He emphasized the possibilities of comprehensive economic partnerships for the seamless flow of goods, services, tourists, educational institutions, and sports. According to Shri Goyal, India is currently engaged in trade negotiations with Canada, Chile, Peru, the Southern African Customs Union (SACU), Mexico, Maldives, Eurasia, Central Asia, Russia, the Gulf Cooperation Council (GCC), and Israel.

Discussing the technology sector, Shri Goyal mentioned that the annual demand for semiconductors in India is expected to exceed $150 billion over the next five years. He also stressed the need to enhance the capabilities of the AI ecosystem, including Large Language Models and Agentic Models.

Speaking on the growth of India's startup ecosystem, the Minister revealed that at the launch of 'Startup India,' there were only 400-500 startups in the country, but India has now become the world's third-largest startup ecosystem with over 120 unicorns. He stated that the government's focus is now on promoting innovation and the deep-tech ecosystem. Additionally, he mentioned that India has become the third country in the world to launch rockets into space via the private sector.