India will remain the fastest-growing large economy in the world for the next 30 years, said Union Minister for Commerce & Industry, Mr Piyush Goyal, at the CII Annual Business Summit 2025 here last week.
On India’s economic trajectory, he stated that the country has maintained sustained growth of 6-7% and hopes to push it to 8% at constant prices. “Even amidst international upheavals, we are among the better-performing emerging markets. Today India holds the 4th largest foreign exchange reserves in the world at about 690 billion dollars. Our inflation has remained below 4% for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management,” he said.
Mr Goyal highlighted India as an attractive investment destination. “Over the past 20-25 years, Indian companies have delivered nearly 20% CAGR returns, making India a compulsive investment destination. Foreign Direct Investment (FDI) inflows are consistently breaking records. We are back on track on the growth trajectory, working through international trading relations,” he said.
FTA boost
He cited progress on various Free Trade Agreements (FTAs), including those with the UAE, Australia, the UK, the four EFTA countries (Iceland, Liechtenstein, Norway and Switzerland), and the ongoing bilateral trade agreement negotiations with the USA. “We are well on track with our bilateral trade agreement with the USA and making fast progress with the European Union’s 27-nation bloc. We have also launched negotiations with New Zealand,” he stated.
The EFTA countries have committed $100 billion in FDI to India over the next 15 years. This is expected to crystallise into a total investment of $500 billion. Furthermore, the large ecosystem that will be created around this investment has the potential to attract an additional $500 billion. “We are not aiming small,” said Mr Goyal, pointing out that this figure does not include investments from the Norwegian Pension Fund and represents pure FDI. He further highlighted that this is the first Free Trade Agreement (FTA) in the world to include such a forward-looking investment clause.
Mr Goyal expressed pride at India’s continued economic progress, and said that the IMF has projected that by 2027, India will be the world’s third largest GDP. He added that despite global volatility, uncertainty and complexity, India remains the fastest-growing economy and continues to power global growth through growth in the country.
The Minister underlined that growth through trade, resilient supply chains and innovation would remain incomplete without inclusive growth.
Renewable energy focus
He further stated that renewable energy coupled with storage is now available at `3.30 per kilowatt hour in India — among the lowest globally. “Solar and wind plus storage make a compelling case for data centres to come to India. We have a large interconnected grid with low-cost clean energy to power these centres,” he noted, adding, “This is not just about sustainability — it is an economic case”.
In conclusion, Mr Goyal said, “India’s growth is based on three tracks — strong macroeconomic fundamentals; a nation respected across the world as a trusted partner; and a nation of 140 crore aspirational Indians. On these three tracks, we are preparing for Viksit Bharat 2047 — a journey of growth through speed, skill and scale”.
Source: Exim News Service: New Delhi, June 1