NEW DELHI: India’s growth story under the leadership of Prime Minister Narendra Modi rests on three strong pillars — strong macroeconomic fundamentals, modern infrastructure, and improved quality of life, Union commerce and industry minister Piyush Goyal said on Thursday.
Speaking about the first pillar, he said 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 $700 billion in foreign exchange reserves, India is among the top five countries globally in terms of forex strength, he said while addressing the India-Brazil Business Dialogue in New Delhi.
These strong macroeconomic fundamentals provide the threshold for the country to pursue ambitious growth targets and accelerate its development journey, he said. The meeting was attended by Brazil’s Vice President Geraldo Alckmin and defence minister José Múcio Monteiro Filho.
According to the latest government data, India’s retail inflation rate fell to 1.54% in September 2025, an eight-year low. Its real gross domestic product (GDP) growth rose to a five-quarter high of 7.8% April-June quarter of 2025-26. The International Monetary Fund (IMF) raised India’s growth forecast by 0.2 percentage points to 6.6% for FY26, acknowledging its strong growth momentum despite high US tariffs on Indian merchandise. Goyal said India was the fastest-growing large economy in the world for the past four years and expressed confidence that India would continue this momentum for at least the next two decades.
The second pillar, according to Goyal, is the good infrastructure, which is the “foundation of competitiveness and a driver of equitable growth” across India. Investments in infrastructure not only improve connectivity and reduce logistics costs but also strengthen India’s ability to expand businesses and create jobs, he said. 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, he added.
The third pillar of India’s growth story is to focus on improving the quality of life for the people, he said. 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, he said. The GST rate rationalisation on September 22 has significantly reduced tax rates, improved compliance and spurred economic growth.
Goyal said these measures enable citizens to have greater spending capacity and a better quality of life for their families. He emphasised 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 IMF chief’s remarks on India’s bold reforms, Goyal said 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. He reiterated the government’s commitment to structural reforms, ease of doing business, and reducing compliance burdens. These efforts have strengthened investor confidence and positioned India to become the world’s third-largest economy in the near future, aiming for a $30-35 trillion economy by 2047, he said.
Marking World Food Day, Goyal highlighted the shared agricultural strengths of India and Brazil, the two leading agri-producing nations that have been contributing significantly to global food security. Underscoring the importance of the India-Brazil Business Dialogue in deepening bilateral partnership, he said the dialogue would lead to greater collaboration in agri-business and food processing.
Quoting Prime Minister Modi, Goyal said India-Brazil relations should be “as colourful as a carnival and as passionate as football” and appreciated Brazil for including yoga and ayurveda in its healthcare systems. Goyal 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.