India is set to remain the world’s fastest-growing large economy for the next 30 years, according to Union Minister of Commerce and Industry Piyush Goyal. Speaking at the CII Annual Business Summit 2025 in New Delhi, Goyal highlighted India’s strong economic fundamentals, transformative reforms, and ambitious vision for inclusive growth.
India’s Economic Growth Momentum
India has consistently grown at 6–7% annually and aims to accelerate this to 8% in the coming years. Despite global economic challenges, the country has become a standout performer among emerging markets. Key indicators include:
Foreign exchange reserves of $690 billion, the fourth-largest globally.
Inflation control below 4% for three consecutive months, aided by the Reserve Bank of India’s effective policies.
Stock market returns averaging 20% annually over the past two decades, making India a magnet for investors.
Goyal emphasized that foreign direct investment (FDI) inflows are hitting record highs, driven by India’s improving trade relations. Recent free trade agreements (FTAs) with the UAE, Australia, the UK, and the European Free Trade Association (EFTA) comprising Switzerland, Norway, Iceland, and Liechtenstein has strengthened India’s global partnerships. Negotiations with the USA, European Union, and New Zealand are also progressing swiftly.
$100 Billion EFTA Investment to Fuel $1 Trillion Ecosystem
In a landmark deal, EFTA countries have pledged $100 billion in FDI over 15 years, which is expected to unlock $500 billion in direct investments and another $500 billion through related industries. This agreement marks the first FTA globally with binding investment commitments tied to job creation and market access. Notably, this excludes investments from Norway’s massive pension fund, focusing purely on private sector-driven growth.
“We’re not aiming small,” Goyal stated, underscoring how this investment will boost manufacturing, technology, and sustainable development. The deal is projected to create 1 million jobs and enhance India’s role in global supply chains.
Ease of Doing Business: Cutting the Red Tape
The government has cut over 40,000 regulatory compliances, decriminalized minor business offenses, and repealed 2,000 outdated laws to simplify operations for companies. The Jan Vishwas Bill a key reform replaces imprisonment clauses with fines for non-serious violations and promotes self-certification to reduce bureaucratic hurdles. “This reflects a government that trusts its citizens,” Goyal said, crediting these changes for improving India’s business climate.
Inclusive Growth: Healthcare, Education, and Jobs for All
Aligning with Prime Minister Narendra Modi’s vision, Goyal stressed that economic growth must uplift every citizen. Initiatives include:
Free healthcare and quality education for marginalized communities.
Skill development programs to prepare workers for emerging industries like artificial intelligence (AI) and renewable energy.
Employment generation through infrastructure projects and foreign investments.
“No child should be deprived of opportunities, and no one should be left behind,” Goyal asserted, highlighting efforts to ensure dignity for all.
Renewable Energy and Tech: Powering India’s Future
India now offers renewable energy at ₹3.30 per kilowatt-hour among the lowest rates globally making it a hub for green data centres and industries. Solar and wind energy, combined with storage solutions, are driving this shift. Goyal also emphasized responsible AI adoption, urging businesses to balance innovation with job protection and reskilling initiatives.
“Our goal is growth through speed, skill, and scale,” Goyal concluded, envisioning a future where India powers global progress while ensuring shared prosperity.
