India Set to Lead Global Growth for Next 30 Years, Says Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal stated that India is poised to remain the fastest-growing large economy for the next three decades, projecting a sustained annual GDP growth rate of 6–7%.

“Even amidst international upheavals, we are among the better-performing emerging markets,” he said.

While addressing the CII Annual Business Summit 2025, he stated that the government aims to accelerate economic growth even further.

“The government is aiming to push growth to 8% at constant prices.”

Foreign Exchange Reserves & Inflation Under Control

India's foreign exchange reserves have reached $690 billion, making them the fourth-largest in the world,  Union Commerce and Industry Minister Piyush Goyal emphasized.

He also emphasized inflation control:

“Our inflation has remained below 4% for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management.”

India’s FDI Boom and Attractive Investment Landscape

Over the last two decades, Indian companies have delivered nearly 20% CAGR returns, making the country an attractive investment hub.

“Foreign Direct Investment (FDI) inflows continue to break records,” Goyal noted.

He affirmed India’s return to a strong growth path supported by global trade partnerships.

FTAs and Global Trade Relations

Major Trade Agreement Progress

India has made significant strides in Free Trade Agreements (FTAs) with countries such as:

• UAE

• Australia

• United Kingdom

• EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland)

“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,” said Goyal.

EFTA’s $100 Billion Investment Commitment

“The EFTA countries have committed $100 billion in FDI over the next 15 years, potentially catalyzing a total investment of $500 billion,” he said.

This includes an investment clause that is globally unique and excludes contributions from Norway’s sovereign wealth fund.

“This ecosystem could attract an additional $500 billion,” he added.

IMF: India to Be 3rd Largest Economy by 2027

Despite global economic challenges, Goyal reaffirmed India's standing as a key growth pillar:

“The International Monetary Fund (IMF) has projected that India will become the world’s third-largest economy by GDP by 2027.”

Improving Ease of Doing Business in India

The government has taken several steps to make business operations smoother:

• Over 40,000 compliances reduced

• 2,000 outdated laws repealed

• Several laws decriminalized

“The Act promotes self-certification, encourages businesses to offer suggestions to improve ease of doing business, and simplifies people’s lives,” said Goyal.
“It reflects a government that trusts its stakeholders.”

Clean Energy and Sustainability for Data Centres

Highlighting India's commitment to sustainability, Goyal mentioned:

“Renewable energy coupled with storage is now available at ₹3.30 per kilowatt hour—among the lowest globally.”

This positions India as a cost-effective location for data centres, supported by a large interconnected grid with low-cost clean energy.

Inclusive Growth and Citizen Welfare

Reinforcing the vision of Prime Minister Narendra Modi, Goyal said the government is prioritizing equitable development:

“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.”

Summary: India’s Economic Future Looks Promising

India’s economic trajectory is firmly on the rise, positioning the country as a global growth engine for the coming decades. India is projected to maintain its position as the fastest-growing major economy over the next three decades, with a consistent annual GDP growth rate of 6–7% and a targeted push towards reaching 8%.

Key macroeconomic indicators—including foreign exchange reserves of approximately $690 billion, inflation control below 4%, and surging FDI inflows—highlight a strong, resilient economy.

Strategic Free Trade Agreements (FTAs) with nations such as the UAE, Australia, UK, EFTA countries, and ongoing negotiations with the USA and EU reflect India’s assertive global trade strategy.

The government’s bold reforms to ease business operations, invest in clean energy, and promote inclusive development further strengthen the foundation for long-term prosperity. With support from global investors and policy continuity, India is not just growing rapidly—it is on a clear path to becoming a top-three global economy by 2027 and a global leader by 2040.