On World Food Day, Union Minister of Commerce and Industry, Shri Piyush Goyal Highlights India–Brazil Partnership in Agriculture and Global Food Security

India Records 7.8% GDP Growth in Q1, Retains Position as Fastest-Growing Major Economy: Shri Piyush Goyal

Shri Piyush Goyal Highlights Three Pillars of India’s Economic Growth — Strong Macroeconomic Fundamentals, Modern Infrastructure, and Improved Quality of Life

Union Minister of Commerce and Industry, Shri Piyush Goyal, addressed the India–Brazil Business Dialogue today, highlighting India’s strong economic growth and deepening bilateral partnership with Brazil.

Shri Goyal expressed gratitude to the Vice President of Brazil, H.E. Mr. Geraldo Alckmin, and the Minister of Defense, H.E. Mr. José Múcio Monteiro Filho, for their participation. He described the visit as a reflection of the strong commitment of both nations to deepen their strategic and economic ties.

Marking World Food Day, the Minister highlighted the shared agricultural strengths of India and Brazil—two leading agri-producing nations that contribute significantly to global food security. He expressed optimism that the dialogue would lead to greater collaboration in agri-business and food processing.

Quoting Prime Minister Narendra Modi, Shri Goyal said that India–Brazil relations should be “as colourful as a carnival and as passionate as football.” He also appreciated Brazil for including yoga and Ayurveda in its healthcare systems, noting that traditional knowledge and wellness practices can further strengthen cultural and health cooperation between the two nations.

He noted that India’s GDP grew by 7.8 percent in the first quarter, making it the fastest-growing large economy in the world for the past four years. The Minister expressed confidence that India would continue this momentum for at least the next two decades.

Shri Goyal underlined that under the leadership of Prime Minister Shri Narendra Modi, India’s growth story rests on three strong pillars. The first pillar, he said, is the creation of robust macroeconomic fundamentals. The Government has maintained low inflation, ensured consistent growth, fortified the banking system, and built one of the strongest foreign exchange reserve positions in the world. With USD 700 billion in foreign exchange reserves, India is among the top five countries globally in terms of forex strength. Shri Goyal emphasized that these strong macroeconomic fundamentals provide the threshold for the country to pursue ambitious growth targets and accelerate its development journey.

The second pillar, Shri Goyal noted, focuses on taking modern, high-quality infrastructure to the remotest corners of the country. He said that good infrastructure is the foundation of competitiveness and a driver of equitable growth across India. Investments in infrastructure, he emphasized, not only improve connectivity and reduce logistics costs but also strengthen India’s ability to expand businesses and create jobs. These investments provide opportunities for young men and women to contribute to nation-building, support entrepreneurs and start-ups, and open new avenues for business and innovation. Shri Goyal underlined that infrastructure development has been one of the major focus areas of the Government over the last decade.

The third pillar of India’s growth story, the Minister said, is focused on improving the quality of life for the people. He noted that the Government has reduced the income tax burden on the middle class and simplified the Goods and Services Tax (GST) system to make business processes easier. The recent GST reforms, activated on 22nd September, have significantly reduced tax rates and improved compliance. Shri Goyal highlighted that these measures enable citizens to have greater spending capacity and a better quality of life for their families. He emphasized that the Government’s continued efforts aim to ensure that every individual benefits from economic growth and that development remains inclusive and broad-based.

Referring to the recent statement by the IMF Chief praising India’s bold reforms, Shri Goyal highlighted that the IMF has revised India’s growth projection for 2025 upward from 6.4 percent to 6.6 percent. He noted that in the last 12 years, 250 million Indians have been lifted out of poverty, creating a strong and aspirational middle class that now drives the nation’s consumption and growth story.

The Minister emphasized that India’s welfare and infrastructure investments are working in tandem to create a more inclusive and sustainable economy—ensuring that every citizen has access to food, housing, education, healthcare, electricity, digital connectivity, and clean water.

He reiterated the government’s commitment to structural reforms, ease of doing business, and reducing compliance burdens. He said these efforts have strengthened investor confidence and positioned India to become the world’s third-largest economy in the near future, aiming for a USD 30–35 trillion economy by 2047.

Shri Goyal underscored that India’s mission to become a developed nation by 2047 is being powered by the collective resolve of 1.4 billion citizens. He reaffirmed India’s commitment to inclusive growth, global cooperation, and expansion of trade and investment partnerships through Free Trade Agreements with advanced and emerging economies alike.

Concluding his address, the Minister quoted Brazilian President Luiz Inácio Lula da Silva, saying, “No one can reap the fruit before planting the trees.” He remarked that India has planted the seeds of long-term growth and partnership, and expressed confidence that the friendship between India and Brazil will yield lasting prosperity for both nations.