India to remain fastest-growing large economy for next three decades: Piyush Goyal

Union minister of commerce and industry Piyush Goyal said on Friday that India will remain the world’s fastest-growing large economy for the next 30 years. Citing an IMF forecast, Goyal also said India is expected to become the third-largest economy by 2027.Speaking at the Confederation of Indian Industry (CII) annual business summit in Delhi, Goyal pointed to the country’s stable GDP growth rate of 6–7 per cent despite global uncertainties, and said efforts were on to push that closer to 8 per cent in the coming years.Goyal noted the country now holds the world’s fourth-largest foreign exchange reserves, and pointed to controlled inflation. "Today, India holds the fourth-largest foreign exchange reserves in the world at about 690 billion dollars.

Our inflation has remained below 4 per cent for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management," he said. On the investment front, Goyal said Indian companies have delivered nearly 20 per cent compound annual returns over the past two decades. He emphasised that India continues to attract record levels of foreign direct investment and remains a key player in global trade discussions.

"FDI inflows are consistently breaking records. We are back on track on the growth trajectory, working through international trading relations," Goyal said.The minister also highlighted ongoing negotiations with the US, European Union, and New Zealand along with updates on India’s free trade agreements. He said that India's FTA includes a forward-looking investment clause, and investments from the Norwegian Pension Fund are not included in the FDI figure. Goyal also touched on India’s renewable energy pricing, saying that solar and wind energy with storage is now priced at Rs 3.30 per unit. He said this affordability could position India as a major hub for green tech-driven industries. "Solar and wind plus storage make a compelling case for data centres to come to India," he said. The minister also said that “India’s growth stands on three solid pillars- macroeconomic strength, global trust, and the aspirations of 140 crore Indians.”