India keen to remain fastest-growing economy for another 20 years: Piyush Goyal

Union Minister for Commerce and Industries Piyush Goyal highlighted that India wants to remain the fastest-growing large economy for at least another 20 years.

While speaking at the India-Brazil Business Dialogue, Goyal noted that India’s GDP grew by 7.8% in the first quarter, making it the fastest-growing large economy in the world for the past four years. He expressed confidence that India would continue this momentum for at least the next two decades.

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The Union minister noted that India’s growth under Prime Minister Narendra Modi is built on three key pillars: strong macroeconomic fundamentals, modern infrastructure development, and improved quality of life for citizens.

He stated that the government has maintained low inflation, ensured steady growth, strengthened the banking system, and built foreign exchange reserves of around USD 700 billion, placing India among the top five globally.

The second pillar focuses on expanding modern infrastructure across the country to enhance competitiveness, reduce logistics costs, and generate employment opportunities, particularly in remote areas.

The third pillar aims to enhance citizens’ quality of life through tax reforms and ease of doing business. Goyal noted that recent GST reforms, implemented on September 22, have lowered tax rates and improved compliance, boosting disposable income and supporting inclusive, broad-based development.

Citing the recent statement by the IMF Chief praising India’s bold reforms, he highlighted that the IMF has revised India’s growth projection for 2025 upward from 6.4 to 6.6%.

He noted that in the last 12 years, 250 million Indians have been lifted from poverty, creating a strong and aspirational middle class that now drives the nation’s consumption and growth story.

Underscoring the importance of the rationalisation of the Goods and Services Tax (GST), Piyush Goyal said the purpose of the reforms is to simplify business processes and promote the ability of our people to spend more and look for a better quality of life.

Reiterating the government’s commitment to structural reforms, ease of doing business, and reducing compliance burdens, he said these efforts have strengthened investor confidence and positioned India to become the world’s third-largest economy in the near future, aiming for a USD 30–35 trillion economy by 2047.