Union Minister for Commerce and Industry Piyush Goyal said that India will remain the fastest-growing large economy in the world for the next 30 years. While addressing the CII Annual Business Summit 2025 held in New Delhi on Friday, May 29, Goyal highlighted India’s strong economic growth of 6 to 7 per cent and its aim to push it to 8 per cent at constant prices amid global uncertainties.
He said, “Even amidst international upheavals, we are among the better-performing emerging markets.”
“Well on track”: Goyal speaks on bilateral trade agreements
While speaking on India’s progress on several Free Trade Agreements (FTAs) — including those with the UAE, Australia, the UK, and the EFTA nations (Iceland, Liechtenstein, Norway, and Switzerland) — Goyal said, “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 announced that the EFTA countries have committed to invest 100 billion dollars in India over the next 15 years. This investment could potentially grow to $500 billion and may attract another $500 billion through the ecosystem created. “We are not aiming small,” said Goyal, pointing out that this FTA includes a unique forward-looking investment clause — the first of its kind globally.
India to be the third-largest economy by 2027: Goyal
Goyal also mentioned the projection of the International Monetary Fund (IMF) that India will become the world’s third-largest economy by 2027.
He highlighted that India currently holds the fourth-largest foreign exchange reserves in the world — around $690 billion. Inflation has stayed below 4 per cent for the last three months. “The Reserve Bank has done a commendable job balancing liquidity and currency management,” he added.
FDI inflows are consistently breaking records: Goyal
The Minister underlined that India remains an attractive investment hub. “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,” he said.
He added that the country is back on its growth path and is actively building international trade relations to support it.
Tech and innovation in focus
Goyal praised the Confederation of Indian Industry (CII) for its role in building future-ready businesses and said it is acting as a bridge between aspirations and Government actions.
“As the Government promotes Artificial Intelligence (AI), we recognise CII’s role in skilling people, MSMEs, and industries, understanding regulatory frameworks, and ensuring responsible AI adoption. This includes assessing AI’s impact on business and employment, as well as the need for skilling and reskilling professionals to embrace smarter, more efficient technologies in the public interest,” he said.
Renewable power with storage now available at ₹3.30 per kilowatt hour
Highlighting India’s clean energy efforts, Goyal said renewable power with storage is now available at ₹3.30 per kilowatt hour — one of the lowest globally. “Solar and wind plus storage make a compelling case for data centres to come to India,” he said.
He added that India has a large interconnected grid supplying low-cost, clean power.
In his closing remarks, Goyal said India’s growth journey is based on three strong pillars — robust macroeconomic fundamentals, international trust, and the aspirations of 140 crore Indians.
“On these three tracks, we are preparing for Viksit Bharat 2047 — a journey of growth through speed, skill and scale,” he concluded.