Union Minister for Commerce and Industry, Piyush Goyal, has unveiled a compelling vision for India’s economic trajectory, asserting that the nation is poised to remain the fastest-growing large economy globally for the next 30 years.
At the Confederation of Indian Industry (CII) Annual Business Summit 2025, Goyal highlighted India’s robust economic fundamentals, strategic trade initiatives, and commitment to sustainable growth as key drivers of this optimistic outlook. India’s economy has demonstrated resilience, maintaining a growth rate of 6–7% and aiming for 8% at constant prices. The country boasts the fourth-largest foreign exchange reserves globally, approximately $690 billion, and has kept inflation below 4% for the past three months. Goyal commended the Reserve Bank of India for its adept management of liquidity and currency, ensuring macroeconomic stability. India’s attractiveness as an investment destination is underscored by record-breaking Foreign Direct Investment (FDI) inflows. Goyal emphasized that Indian companies have delivered nearly 20% Compound Annual Growth Rate (CAGR) returns over the past 20–25 years, reinforcing India’s position as a “compulsive investment destination.” He cited the commitment of $100 billion in FDI from the European Free Trade Association (EFTA) countries over the next 15 years, with potential to attract an additional $500 billion through related ecosystems.
India is actively advancing its trade relations through Free Trade Agreements (FTAs) with several nations. Negotiations with the United States aim to double bilateral trade to $500 billion by 2030. Discussions with the European Union are progressing, and talks with New Zealand have resumed after a decade-long hiatus. These strategic partnerships are expected to bolster India’s trade and economic standing on the global stage. Goyal highlighted India’s commitment to renewable energy, noting that the cost of solar and wind power coupled with storage has reached ₹3.30 per kilowatt-hour, among the lowest globally. This development presents a compelling case for data centers to establish operations in India, aligning economic growth with environmental sustainability.
The government’s focus on inclusive growth aims to provide dignity and opportunities for all citizens. Initiatives in free healthcare, quality education, and skill development are central to this vision. Goyal emphasized that no individual should be left behind, reflecting Prime Minister Narendra Modi’s commitment to ensuring a just and equitable society. The government has undertaken significant reforms to enhance the business environment. Over 40,000 compliances have been reduced, nearly 2,000 obsolete laws repealed, and several laws decriminalized. The Jan Vishwas Bill promotes self-certification and encourages businesses to offer suggestions to improve ease of doing business, fostering a climate of trust and collaboration.
Goyal concluded by reiterating that India’s growth is anchored in strong macroeconomic fundamentals, a respected global standing, and the aspirations of its 1.4 billion citizens. These pillars are set to propel the nation towards becoming a developed economy by 2047, driven by speed, skill, and scale.
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