Indian Economy News

India to remain fastest-growing economy for next 30 years: Union Minister of Commerce & Industry Mr. Piyush Goyal

India is projected to remain the fastest-growing large economy in the world for the next 30 years, according to Union Minister for Commerce & Industry Mr. Piyush Goyal. Speaking at the CII Annual Business Summit 2025 in New Delhi, he highlighted India's sustained growth of 6-7%, with aspirations to reach 8% at constant prices. Despite international upheavals, India is among the better-performing emerging markets, holding the 4th largest foreign exchange reserves globally at about Rs. 58,86,390 crore (US$ 690 billion). Inflation has remained below 4% for the last three months, and the Reserve Bank has effectively managed liquidity and currency. He also noted that India is an attractive investment destination, with FDI inflows consistently breaking records. Progress on various Free Trade Agreements (FTAs) with countries like the UAE, Australia, the UK, and the EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland) is ongoing, with the EFTA countries committing Rs. 8,53,100 crore (US$ 100 billion) in FDI over the next 15 years, expected to crystallise into a total investment of Rs. 42,65,500 crore (US$ 500 billion). The large ecosystem created around this investment could attract an additional Rs. 42,65,500 crore (US$ 500 billion).
He expressed pride in India's economic progress, with the IMF projecting India to be the world's third-largest GDP by 2027. Despite global volatility, India remains the fastest-growing economy, powering global growth. He emphasised the importance of inclusive growth, highlighting the Government's efforts to ease business regulations, reduce compliances, and promote self-certification. He also underscored the role of technology and future readiness, noting that renewable energy coupled with storage is now available at 23.30 per kilowatt hour in India, among the lowest globally. This makes India an attractive location for data centres. he reiterated Prime Minister Mr. Narendra Modi's vision for inclusive growth, ensuring dignity, healthcare, education, and employment for all, especially the most vulnerable. He concluded by stating that India's growth is based on strong macroeconomic fundamentals, global respect, and the aspirations of 140 crore Indians, preparing for a prosperous India by 2047.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.