Union Minister for Commerce and Industry Piyush Goyal, speaking at the CII Annual Business Summit on Thursday, stated that India will remain the world's fastest-growing big economy for the next three decades.
“We are back on track, barring 3-4 months, on the growth trajectory. Hence, we are engaging in trade deals with the UK, EU, Chile, and the USA. EFTA countries have committed $100 billion in pureplay FDI in India. We are not aiming small,” Goyal said.
Goyal stated that the country has maintained a consistent growth rate of 6–7 percent and plans to increase it to "8%" at constant pricing. He noted that, despite global uncertainty, India remains one of the best-performing emerging markets.
"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 added.
Goyal on Trump Tariffs
Goyal stated that the bilateral trade agreement with the United States is "well on track."
When asked about the current developments regarding former US President Donald Trump's tariffs, Goyal stressed that these are "internal matters" for the United States. "India does not interfere or comment on the internal affairs of other countries. It is up to individuals to make decisions about their domestic concerns," he remarked.
Goyal noted that Prime Minister Narendra Modi and President Donald Trump reaffirmed their commitment to a multi-sectoral Bilateral Trade Agreement during their February meeting. "India wants to build robust trade ties with developed nations to create new opportunities for our farmers, engineers, and startups," said Goyal.
