Manufacturing PMI which is at 17.5 year high need to be sustained by greater investments in Make in India programme-  Shri Piyush Goyal

India has a history of converting a difficult situation into an opportunity, said Union Minister of Commerce and Industry, Shri Piyush Goyal, while addressing the 21st Annual Global Investor Conference 2025. He highlighted India’s remarkable economic performance, strengthened fundamentals, and the nation’s vision towards Viksit Bharat 2047. Recalling how India emerged stronger from the crises of 1991, 2008, and the pandemic, Shri Goyal said the country is once again poised to turn challenges into opportunities. He emphasized the collective responsibility of government and industry in realizing the vision of Viksit Bharat 2047.

The Minister highlighted India’s manufacturing PMI at a 17.5-year high and called for greater investment in Make in India. He emphasised the role of infrastructure as a force multiplier, driving consumption and boosting the economy.

The Minister highlighted 7.8% GDP growth in the first quarter of financial year 2025—the fastest growth in the last five years for a quarter. He underscored that private capex is up by 66%, foreign direct investment has increased by 14%, and millions of new demat accounts are being opened every month. Strong macroeconomic fundamentals, lowest CPI inflation in a very long time, and significant domestic capital inflows reflect renewed confidence in India’s growth story, he added.

Shri Goyal said India’s banking sector has achieved its highest performance in many years, providing safety and confidence to depositors and borrowers alike. He noted that India’s sovereign rating has been upgraded from BBB- to BBB with a stable outlook, backed by robust growth and strong external financial stability.

On trade, the Minister recalled the FTAs already concluded with Mauritius, UAE, and Australia, and noted ongoing engagements with the EFTA bloc, European Union, and the United Kingdom. He informed that discussions with the EU are advancing, with senior delegations visiting both sides. Shri Goyal expressed hope of concluding a bilateral trade agreement with the USA by November, as discussed by the two leaders earlier this year.

He emphasised that the Government of India, under the leadership of Prime Minister Shri Narendra Modi, continues to work towards ease of doing business and ease of living by deregulating, reducing procedures, simplifying policies, and decriminalising laws. He invited suggestions from industry leaders to further improve the investment climate, avoid duplication, enhance use of technology, and strengthen ethics and fairness in markets.

The Minister stated that upcoming GST 2.0 reforms, expected in the forthcoming GST Council meetings, will boost consumer sentiment, spur demand, and simplify compliance. He also highlighted the government’s significant reduction in corporate and personal tax rates, coupled with RBI’s reduction in policy rates and CRR, while maintaining inflation at 1.5%.

Shri Goyal reiterated India’s commitment to Aatmanirbhar Bharat—not by closing doors to international engagement, but by building resilient supply chains to avoid dependency on any one geography. He cited the government’s push for manufacturing in key sectors including drones, semiconductors, and CRGO steel, noting growing commitments by Indian industry and buyers to source domestically.

Speaking on sustainability, he urged industry participants to support energy efficiency and renewable energy, citing examples such as LED bulbs and 5-star appliances. He recalled the Prime Minister’s call for Zero Defect, Zero Effect, stressing on quality manufacturing that neither harms the environment nor compromises standards.

Recounting India’s history of emerging stronger from crises in 1991, 2008, and during the pandemic, Shri Goyal said India is once again poised to convert challenges into opportunities. He underlined the collective responsibility of government and industry in making the journey towards Viksit Bharat 2047 a reality.

“We are not here for incremental change; we are here for quantum leaps. Let us dream big, aspire big, and achieve big. This is the India of my dreams, the India of 140 crore Indians, a nation that matters in the world and shows light to the rest of the world,” Shri Goyal concluded.

Ease of doing business drives deregulation and simplification to attract investment and boost manufacturing and exports. The Government centres policy on Ease of doing business via deregulation, procedural reduction, policy simplification, and decriminalisation to improve investment climate and reduce compliance costs, complemented by tax reductions, monetary easing and forthcoming GST 2.0 reforms to simplify compliance and spur demand; concurrent Make in India and Aatmanirbhar Bharat measures prioritise domestic manufacturing, resilient supply chains, targeted sectoral promotion, and trade negotiations to expand market access while encouraging sustainability and quality standards.