CII Annual Business Summit 2025 Live: IMF has projected India will be world’s third largest GDP by 2027, says Union Minister Piyush Goyal

At the CII Annual Business Summit 2025, Union Minister Piyush Goyal highlighted a significant projection by the International Monetary Fund (IMF), which anticipates India becoming the world's third-largest GDP by 2027. This optimistic forecast underscores India's burgeoning economic potential and the government's strategic initiatives aimed at fostering growth. Goyal emphasized the importance of continued reforms and investments to sustain this upward trajectory. In a related address, Sunil Mittal, a leading industry voice, pointed out a critical area for improvement: research and development (R&D). Mittal noted that India currently allocates less than 1% of its GDP to R&D, a figure that lags behind other major economies. He called for increased investments in innovation to ensure that India not only grows in size but also in technological capability and competitiveness on the global stage. The summit, a congregation of industry leaders and policymakers, serves as a platform to discuss strategies for sustainable economic development. The discussions this year have focused on balancing growth with innovation, highlighting the need for enhanced R&D spending. As India gears up to potentially surpass other economies, these insights and recommendations could play a pivotal role in shaping its economic landscape in the coming years.

— Authored by Next24 Live