Union Commerce and Industry Minister Piyush Goyal has highlighted India’s expanding engagement with the global economy and its efforts to strengthen participation in global value chains and supply chains. Addressing the Leadership Dialogue at the 13th PAFI Annual Forum 2026 in New Delhi, Mr Goyal said India is negotiating trade and economic partnerships from the position of an economy that is expected to grow into a 30 trillion dollar economy.
He underlined that India today negotiates with the world as a 4 trillion dollar economy, while its economy on a purchasing power parity basis is around 20 trillion, making it the third largest in the world. He said the gap between these measures would narrow as India progresses towards the vision of becoming a 30 trillion dollar economy.
The Minister noted that India’s semiconductor consumption demand is expected to grow to over 150 billion annually in the next five years. He also highlighted the need to develop capabilities across the AI ecosystem, including large language models and agentic models. He also highlighted it’s emergence as the third country to have a rocket launched into space by the private sector. Mr Goyal further underlined that India emerged as the world’s third-largest Startup Ecosystem with more than 120 Unicorns.
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