India to remain fastest-growing large economy for the next 30 years: Piyush Goyal
Noting that India has remained the fastest-growing large economy for the last three years, Mr Piyush Goyal, Minister of Commerce and Industry, Government of India, expressed confidence that the country will remain the fastest-growing large economy for the next 30 years. The Union Minister was speaking at the session on “India@2047: Accelerating Growth through Trade, Resilience, Innovation and Inclusion” at the CII Annual Business Summit 2025, held with the theme ‘Building Trust, India First’, in New Delhi on 29 May. He also said that India is well on its way to becoming the third-largest economy by 2027, as projected by the IMF.
“We continue to be the fastest-growing large economy in the world and continue to power global growth through growth in India. This is possible when we work towards a mission, collectively have a vision, and are all aligned to our commitment to Viksit Bharat@2047,” Mr Goyal said. He said that in its effort to promote ease of doing business and ease of living, the government has been continuously making life for businesses easier, reducing over 40,000 compliances, decriminalising several laws, and removing around 2,000 laws from the statute book.
These efforts, he said, are reflective of the people’s trust in the leadership of Prime Minister Shri Narendra Modi and the work of the Government, and the Government’s trust in its businesses and people. The Minister said that the Government has been working on building three pillars: strong macro fundamentals; a nation respected across the world as a trusted partner, with whom the world wants to do more business; and a nation of 140 crore aspirational Indians. On these three tracks, we are preparing India for Viksit Bharat@2047, where speed, skill and scale will define our growth journey and capitalism will coexist with socialism so that we prepare for the integrated development of every human being.
“Today, we sport the world’s fourth-largest foreign currency reserves. Our inflation rate, for the last three months, has been below four per cent. RBI has done a phenomenal job in maintaining liquidity in the market and interest rates, and currency management,” he said. Talking about the indices, the Minister said that the Indian market has grown substantially over the last decade, making India a compelling investment destination. Mr Goyal added that the government sees huge business opportunities presenting themselves and urged the industry not to lose focus on greater engagement with the world, standing on our competitive and comparative advantages. That is going to make India a big force in the world, he said.
He talked about inclusive growth and said that the government has focused on connecting the nation with a network of high-quality roads, highways, expressways, airports, railways, and digital connectivity, both to meet the needs of the industry and the people. Growth will be incomplete until we can promote inclusive growth, he said.
Speaking at the session, Ms Ipsita Dasgupta, MD, HP India, launched the CII HP Centre for AI. She said that a remarkable amount of work has been done around the key pillars of trade, resilience, innovation and inclusion. Global surveys show that India is the most optimistic country when it comes to AI, she said, noting that where many parts of the world believe that AI will replace, India believes that AI will serve. This, combined with our ability to adapt technology to suit our needs, will make us a global AI powerhouse, she highlighted.
Mr Sanjiv Puri, President, CII and CMD, ITC Limited; Mr Rajiv Memani, President Designate, CII and Chairman and CEO, EY India & Chair, EY Growth Markets Council; Mr R Mukundan, Vice President, CII and MD & CEO, Tata Chemicals Limited and Mr Chandrajit Banerjee, Director General, CII, were among the other speakers at the session.
29 May 2025
New Delhi