India on track to become USD 5 trillion economy by 2027 despite global turbulence: Piyush Goyal
Kolkata (PTI): Union Commerce and Industry Minister Piyush Goyal said India is firmly on track to become a USD 5 trillion economy by 2027 despite global turbulence, driven by a collective national effort and strong leadership under Prime Minister Narendra Modi.
Speaking at a virtual session organised by the Merchants' Chamber of Commerce and Industry (MCCI), Goyal also hailed the government's decade-long economic reforms as transformational rather than incremental.
"We are well on track to achieve the USD 5 trillion economy goal in the next three years. This will be the first milestone on our journey to 'Viksit Bharat' by 2047," Goyal said on Tuesday.
Taking note of the global economic volatility and geopolitical headwinds, the minister said India must navigate turbulent waters with unity and determination.
"Great economies aren't built in calm waters. This is India's time. We must seize the moment and work together to claim our rightful place among the world's leading nations," he said.
Goyal described the government's development model as one focused on inclusive, sustainable, and honest growth, emphasising service, good governance, and innovation.
"The last 11 years have not been about incremental change. We have aimed for quantum leaps," he said.
Citing economic indicators, Goyal said India has moved from being part of the 'Fragile Five' to becoming one of the top five global economies.
He highlighted the country's foreign exchange reserves, which recently touched USD 698 billion, robust banking sector health, and inflation levels averaging among the lowest in post-independence history.
He also praised Prime Minister Modi's personal commitment to citizen welfare, referencing the government's swift evacuation efforts in global conflict zones, like Iran and Ukraine.
Referring to the Emergency imposed in 1975, the minister drew a contrast with present-day India, calling it an "oasis of stability" in a globally unstable ecosystem.
He also pointed to the government's aggressive free trade agreements (FTAs) with developed economies such as the UK, Australia, and the EU, which he said are designed to benefit Indian exporters and MSMEs.
"The FTAs we are signing are not with weak or competing economies but with advanced markets. These are complementary relationships, offering immense opportunities for our industry," he said, urging exporters and startups to take advantage of these deals.
Touching on the potential of AI and emerging technologies, Goyal said India is ready to lead in sectors like artificial intelligence, quantum computing, and 3D printing.
"Rather than fearing job losses, we should focus on the opportunities to create new employment. Our youth are aspirational, and the government is working with industry bodies like NASSCOM to build AI skills," he added.
He concluded by urging businesses to expand and bring economy of scale to foray into new markets and focus on innovation-led exports.
"This is a virtuous cycle -- scale leads to competitiveness, which in turn fuels exports and prosperity. India's growth story belongs to all of us," he added.
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Commercial LPG hike: Delhi restaurant owners warn of higher menu rates, job losses
New Delhi (PTI) A day after a 50 per cent rise in commercial LPG cylinder prices, Delhi's food business, with restaurant owners and street vendors have warned of higher menu rates, financial strain and potential job losses if the trend persists.
The price of commercial LPG was hiked by a steep Rs 993 per 19 kg cylinder, marking the third consecutive monthly hike amid rising global energy prices linked to the West Asia conflict.
For many in the restaurant industry, the spike has been both sudden and steep.
Manpreet Singh, honorary treasurer of the National Restaurant Association of India, said that eateries are already grappling with supply challenges alongside rising costs.
"There is a huge difficulty in getting these cylinders, and black marketing is also increasing in many unregulated sectors," he said, noting that prices that were once around Rs 1,600, often dropping to nearly Rs 1,300 with discounts, have now surged to between Rs 3,000 and Rs 4,000 per cylinder.
He further added that a medium-sized restaurant typically uses between two and five cylinders daily, making the increase particularly burdensome as costs mount.
Singh further said that as costs mount, smaller establishments could struggle to stay afloat. Instead, the association has advised restaurants to shift towards piped natural gas connections through Indraprastha Gas Limited as a more sustainable alternative.
"If this problem continues, PNG is the only long-term solution," he said, adding that temporary measures like coal offer limited relief due to slower cooking times and that it can largely be used only for tandoors.
Echoing similar concerns, Kabir Suri, owner of Mamagoto in Khan Market, said the impact is already visible across the industry. "There has been almost a threefold increase in cylinder prices for restaurants," he said, adding that rising fuel and logistics costs are compounding the pressure.
"If this continues, it will become a significant financial burden, and food prices will inevitably go up. Adding to this burden, higher fuel costs are also affecting logistics and transportation, making a price rise unavoidable. The extent of the impact will vary between small eateries and large chains depending on their scale," he said.
Global oil prices have surged nearly 50 per cent following disruptions in energy supply chains due to the West Asia conflict, pushing up commercial fuel costs and transport expenses.
A West Delhi-based restaurateur said they are trying to manage rising costs while keeping their staff secure. "We are trying to ensure that our staff, from kitchen workers to waiters, are paid on time and do not face immediate hardship," the owner said.
"We are a small restaurant with seating for about 20 to 25 people at a time. But if this continues for long, we will have to take difficult calls. There is only so much we can absorb, and menu prices will have to go up. We hope this does not continue for a longer period," he said.
Another restaurant owner in North Delhi, who did not wish to be named, said operational adjustments alone may not be enough. "We are checking our costs very carefully and trying to cut wherever possible, but if fuel prices remain high, it will eventually affect how we run the business," the owner said.
"Coal helps in tandoor cooking, but it takes more time," the owner further added.
The strain is even more acute among street vendors, many of whom operate on thin margins. A vendor in Saket said he had recently expanded his business, moving from a mobile cart to a rented outlet.
"I have a family to feed and more responsibilities now. Earlier, I managed with a moving cart, but after renting the place, expenses increased," he said. "Whenever cylinders were unavailable, I had to buy them at higher rates in the black market. Now even regular supply is too expensive, and if this continues, we may have to shut down," he added.
In Laxmi Nagar, another vendor said they are struggling to keep the business running. "Sometimes we even used domestic cylinders from home when supply ran out because we had to keep the stall running," he said, adding that rising costs leave little choice but to increase prices or bear losses.
On April 1, the rates of commercial LPG cylinders were hiked by Rs 195.50 per cylinder, followed by a Rs 114.5 hike on March 1, taking the total increase over the past three months to Rs 1,303. With the latest revision, a 19 kg commercial LPG cylinder now costs Rs 3,371.5 in Delhi, up from Rs 2,078.5 earlier.
The prices of domestic LPG cylinders used for household cooking have remained unchanged. They were last increased by Rs 60 per 14.2 kg cylinder on March 7 and currently cost Rs 913 in Delhi.
