Union Commerce and Industry Minister Piyush Goyal stated that India’s remarkable growth story under Prime Minister Narendra Modi is anchored on three key pillars — strong macroeconomic fundamentals, modern infrastructure, and an improved quality of life for citizens.
Addressing the India-Brazil Business Dialogue in New Delhi, Goyal highlighted India’s robust economic performance, including controlled inflation, consistent GDP growth, a resilient banking system, and strong foreign exchange reserves of around $700 billion. He noted that India’s economy grew by 7.8% in the April–June 2025 quarter, making it the fastest-growing large economy in the world. The International Monetary Fund (IMF) recently upgraded India’s growth forecast to 6.6% for FY26, underscoring the nation’s sustained momentum.
Goyal emphasized that infrastructure development has been a cornerstone of India’s competitiveness, creating new opportunities for employment, entrepreneurship, and innovation. He said that investments in connectivity and logistics are enabling equitable growth across regions while reducing business costs and improving efficiency.
On the social front, Goyal pointed out reforms aimed at enhancing the quality of life, such as tax relief for the middle class and rationalization of Goods and Services Tax (GST) rates. These initiatives have simplified business operations, boosted consumer spending, and supported inclusive development. He added that over 250 million Indians have been lifted out of poverty in the past decade, forming a strong middle class that drives domestic consumption.
Goyal reaffirmed the government’s commitment to economic reforms, ease of doing business, and investor-friendly policies, expressing confidence that India is on course to become the world’s third-largest economy and a $30–35 trillion powerhouse by 2047. He also underscored India and Brazil’s shared agricultural strengths and their joint role in promoting global food security, calling for deeper cooperation in agri-business and food processing.
Piyush Goyal: India’s Growth Under Modi Built on Strong Economy, Infrastructure, and Quality of Life
