Business News | India Aims to Remain Fastest-growing Large Economy for Next 20 Yrs: Piyush Goyal
Get latest articles and stories on Business at LatestLY. India wants to remain the fastest-growing economy for at least another 20 years, said Union Commerce and Industries Minister Piyush Goyal on Thursday.
New Delhi [India] October 16 (ANI): India wants to remain the fastest-growing large economy for at least another 20 years, said Union Commerce and Industries Minister Piyush Goyal on Thursday.
Speaking at the India-Brazil Business Dialogue in Delhi, Goyal said that the IMF has recently increased India's GDP growth forecast from 6.4 per cent to 6.6 per cent, adding that India has consistently maintained this position over the past four years.
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Speaking at India-Brazil Business Dialogue in Delhi, Goyal said, "IMF has recently increased the GDP growth forecast for India from 6.4% to 6.6%. April to June quarter 2025 the GDP grew by 7.8% the fastest growing large economy in the world. And we've continued to be the fastest growing large economy over the last four years, and our effort is to continue to be the fastest growing fastest growing large economy for at least another 20 years."
"Our effort has been to create strong macro economic fundamentals, so whether it is keeping inflation low, whether it is consistently strengthening our growth, whether it's strengthening and fortifying our banking systems, whether it's ensuring that our foreign exchange reserves are strong and with $700 billion foreign exchange reserves, even amongst the top five countries with large Forex reserves, the strong macroeconomic fundamentals sets a threshold on which we can be ambitious in our growth targets, in our effort to promote faster growth," Commece Minister added.
Goyal further added that the second pillar of our growth story is the development of modern, high-quality infrastructure, reaching even the most remote corners of India to ensure inclusive and equitable growth across the entire country.
"We believe good infrastructure will help us become more competitive, bring down our logistics cost and strengthen the ability of India to grow our businesses, provide opportunities for our young men and women to contribute to nation building," Minister added.
Highlighting the importance of the rationalisation of the Goods and Services Tax (GST), Goyal said the purpose of the reforms is to simplify business processes and promote the ability of our people to spend more and look for a better quality of life. (ANI)
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