India will continue to be the fastest-growing large economy in the world for the next three decades, declared Union Minister of Commerce & Industry Piyush Goyal at the CII Annual Business Summit 2025 in New Delhi. Emphasising India’s sustained economic momentum, Goyal noted the nation has maintained consistent growth of 6–7% and is now striving to reach 8% at constant prices.
“Even amid global disruptions, India stands among the best-performing emerging markets. We now hold the world’s fourth-largest foreign exchange reserves, amounting to approximately $690 billion. Inflation has remained below 4% for the past three months, thanks to the Reserve Bank’s effective management of liquidity and currency,” he said.
Highlighting India’s strong investment appeal, Goyal pointed out that Indian companies have delivered nearly 20% CAGR returns over the past two decades, attracting record-breaking FDI inflows. “India is firmly back on the growth trajectory, building robust international trade relations,” he added.
He cited significant developments in Free Trade Agreements (FTAs), including those signed with the UAE, Australia, and the UK, and progress in negotiations with the USA, EU, and New Zealand. Particularly notable is the FTA with the four EFTA nations — Iceland, Liechtenstein, Norway, and Switzerland — under which $100 billion in FDI has been committed over 15 years, potentially generating a $500 billion investment ecosystem. “This FTA uniquely includes an investment-forward clause, a first in global trade,” he highlighted.
Goyal also noted that this ecosystem could catalyse another $500 billion in investments, excluding contributions from entities like the Norwegian Pension Fund. “We are not aiming small,” he stated.
He referenced IMF projections that India will become the world’s third-largest GDP by 2027 and affirmed that India’s growth story remains a major driver of global economic momentum despite prevailing global challenges.
Touching on governance reforms, Goyal said the government has eliminated over 40,000 compliance burdens, decriminalised numerous laws, and removed nearly 2,000 obsolete ones. He praised the Jan Vishwas Bill as a symbol of government trust in citizens and businesses, promoting self-certification and improved ease of doing business.
On technology and future-readiness, Goyal acknowledged CII’s key role in AI readiness. “CII serves as a bridge between aspirations and government action,” he said, underlining the need to skill and reskill the workforce to adapt to AI and smarter technologies responsibly.
Goyal also underlined India’s competitive edge in renewable energy, stating that solar and wind energy with storage is now priced at ₹3.30 per kilowatt-hour — one of the lowest globally — making India an attractive hub for data centres. “It’s not just about sustainability. It’s a compelling economic case,” he asserted.
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Reaffirming Prime Minister Narendra Modi’s vision for inclusive development, Goyal said the government is focused on ensuring dignity, access to healthcare, quality education, and employment for all — especially the most marginalised. “No child should be deprived, no man left behind,” he said.
He concluded by describing India’s development journey as moving on three tracks: strong macroeconomic fundamentals, growing global trust, and the aspirations of 140 crore citizens. “These pillars are the foundation of Viksit Bharat 2047, powered by speed, skill, and scale,” Goyal said.