India to remain fastest-growing large economy in world for next 30 years: Piyush Goyal

Time of India

a day ago

Union Minister for Commerce and Industry
Piyush Goyal
said that India is set to remain the fastest-growing large economy in the world for the next 30 years. The commerce minister in his address at the CII Annual Business Summit 2025 in the national capital on Thursday highlighted India's economic performance.
Goyal said the country has maintained a steady growth rate of 6-7 per cent and aims to push it further to 8 per cent at constant prices. He noted that despite global uncertainties, India remains one of the best-performing emerging markets.
"Today, India holds the fourth-largest foreign exchange reserves in the world at about 690 billion dollars. 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," Goyal said.
The Minister emphasised India's appeal as an investment destination, noting that Indian companies have delivered nearly 20 per cent CAGR returns over the past 20-25 years.
"FDI inflows are consistently breaking records. We are back on track on the growth trajectory, working through international trading relations," he said.
Goyal also spoke about India's trade relations, stating that progress is being made on bilateral trade agreements with the USA and the 27-nation European Union bloc.
He informed that negotiations have been launched with New Zealand and highlighted that India's FTA includes a forward looking investment clause, and investments from the Norwegian Pension Fund are not included in the FDI figure.
The Union Minister cited the IMF projection that India will become the world's third-largest GDP by 2027.
"Despite global volatility, uncertainty and complexity, India continues to power global growth through its own growth," he said.
He also highlighted the cost-effectiveness of renewable energy in India, stating that renewable energy with storage is now available at Rs 3.30 per kilowatt hour.
"Solar and wind plus storage make a compelling case for data centres to come to India," he added.
Touching on inclusive growth, Goyal reaffirmed Prime Minister Narendra Modi's vision of dignity for every individual.
Free healthcare, quality education and basic needs are being addressed. We are now seeing employment growth, and skill development centres are playing a key role. No child should be deprived, and no man should be left behind," he said.
In conclusion, Goyal said India's growth is built on three tracks, strong macroeconomic fundamentals, global trust, and the aspirations of 140 crore Indians.