India to remain fastest-growing economy, trade talks with US on track: Piyush Goyal
Published on May 30, 2025
By IANS
- NEW DELHI — India is an attractive investment destination and has the
potential to remain the fastest-growing large economy in the world for the next
30 years, Union Minister for Commerce and Industry, Piyush Goyal, has said.
-
- Goyal said the country has maintained sustained growth of
6–7 per cent and hopes to push it to 8 per cent at constant prices.
-
- Speaking at the CII ‘Annual Business Summit 2025’ here,
the minister said that even amid 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. Our inflation has remained below 4
per cent for the last three months. The Reserve Bank has done a commendable job
balancing liquidity and currency management,” he told the gathering.
-
- Goyal highlighted India as an attractive investment
destination. “Over the past 20–25 years, Indian companies have delivered nearly
20 per cent CAGR returns, making India a compulsive investment destination. FDI
inflows are consistently breaking records. We are back on track on the growth
trajectory, working through international trading relations,” he added.
-
- The minister 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 US.
-
- “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 foreign
direct investment (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 Goyal, emphasising 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.
-
- Goyal expressed pride at India’s continued economic
progress and stated 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 India.
-
- The minister underlined that growth through trade,
resilient supply chains and innovation would remain incomplete without
inclusive growth.
-
