Union Commerce and Industry Minister Piyush Goyal on Wednesday reaffirmed India’s position as the world’s fastest growing large economy and highlighted the country’s commitment to inclusive, sustainable, and resilient growth. Delivering the keynote address at FICCI Leads 2025, Goyal underlined that India’s growth story is not just about domestic progress but also about contributing to global prosperity and building stronger partnerships.
Goyal said it was essential for nations to “come together, work together, stay together, and grow together,” lauding FICCI’s role in fostering global dialogue on leadership, adaptability, diversity, and sustainability. He stressed that sustainability lies at the heart of India’s development agenda and aligns seamlessly with the vision of Viksit Bharat by 2047.
The Minister attributed India’s economic journey to three key pillars. First, he pointed out the country’s ability to turn crises into opportunities – from Y2K and the global financial crisis to the COVID-19 pandemic. He noted that during the pandemic, India administered 2.5 billion vaccines, ensured food security for all citizens, and still emerged as the world’s fastest growing large economy.
Second, he underscored the inclusive nature of India’s growth. Over the last decade, 40 million families have been provided free homes equipped with water, electricity, cooking gas, road access, and digital connectivity. These initiatives, he said, have uplifted 250 million Indians from poverty and spurred rising aspirations and incomes across the country.
The third pillar, Goyal said, is action-oriented leadership under Prime Minister Narendra Modi, which has enabled India to engage globally from a position of strength. He highlighted the successful conclusion of Free Trade Agreements (FTAs) with Mauritius, the UAE, Australia, and the EFTA bloc, with the latter committing USD 100 billion of investments in India over 15 years, expected to generate one million direct jobs. He added that a “robust, fair, and balanced” FTA was concluded with the United Kingdom last month, while negotiations with the European Union are at an advanced stage and talks with Oman are nearing completion. Active trade dialogues are also underway with the United States, New Zealand, Qatar, Chile, and Peru, among others. Collectively, these agreements are expected to bring in USD 500 billion of investments, or over ₹45 lakh crore, across innovation, manufacturing, and services.
Goyal said these trade deals, supported by domestic reforms, are helping create a dynamic ecosystem for entrepreneurship and innovation. He pointed to India’s stock markets, among the best performing globally for two decades, as evidence of investor confidence in India’s fundamentals. He also underlined the country’s cost efficiency and talent strength, noting that India’s annual investment of USD 12 billion in R&D yields outcomes comparable to more than USD 100 billion worth of work in Europe or the UK.
The Minister emphasised that sustainability is embedded in India’s cultural ethos, rooted in reverence for nature. When combined with new technologies like AI, quantum computing, and machine learning, he said, this ethos enhances India’s long-term growth potential.
Highlighting India’s robust democracy, safe investment climate, and young aspirational population, Goyal expressed confidence that India will continue to be the world’s fastest growing large economy for decades. “The future is ours to capture and lead, driven by resilience, inclusivity, and global partnerships,” he said, adding that platforms like FICCI Leads would continue to inspire collaboration and innovation for a better world.
