Economy: ‘India to remain the fastest growing major economy for 20 years’
Virendra Pandit
New Delhi: Union Commerce and Industry Minister Piyush Goyal on Thursday said India will continue to remain the world’s fastest-growing major economy for the next two decades, driven by strong fundamentals, manufacturing growth, and rising global investor confidence, the media reported.
“I have no hesitation in assuring all the friends at the India conference that India will continue to be the world’s fastest-growing economy for over two decades into the future,” he said.
Speaking at the Citi India Conference 2026 in Mumbai, he said India has repeatedly demonstrated the ability to transform global challenges into opportunities and has emerged stronger during periods of economic uncertainty.
“India will continue to be the world’s fastest-growing economy for over two decades into the future,” Goyal said, adding that the country’s policy adaptability and long-term economic vision have strengthened its position as a preferred destination for trade, manufacturing, business, and investments.
He said global companies that placed long-term bets on India have benefited significantly from the country’s growth journey. Citing examples of Hyundai and British construction equipment maker JCB, Goyal said these companies entered India early and are now reaping the rewards of their confidence.
About JCB’s India journey, Goyal noted it now manufactures in India and exports products to nearly 130 nations while also catering to the expanding domestic market.
“Hyundai and JCB bet on substance over noise,” he said, adding that their success reflects India’s growing manufacturing capabilities and its emergence as a global production hub.
India is no longer viewed only as a market of 1.4 billion consumers but increasingly as a base for manufacturing products and services for the world, he asserted.
FTAs
About the free-trade agreements (FTAs) with other countries, Goyal said India would roll out 9 FTAs in next 10 months, and negotiate up to 4 more.
He said the nine FTAs signed in the last three years are expected to become operational within 10 months, with plans to execute another three to four significant pacts over the next year.
At least two to three “very substantive” FTAs will come into force in the next six months following the implementation of the Oman FTA on June 1, Goyal said. The nine agreements signed in recent years cover 38 developed economies that “do not compete with India, but in fact complement the India growth story.”
Addressing global investors, Goyal said India has become the world’s most credible alternative manufacturing destination as multinational corporations reassess global supply chains.
“My discussions with roughly 50 (international) companies, who joined me at a roundtable, clearly give me a picture that the world is looking at India as the only credible alternative as a manufacturing hub, as a trusted partner, as an investment destination which is safe.”
He said investor sentiment during his recent visits to Canada and the United States reflected growing confidence in India’s long-term growth prospects. “The world’s long-term capital is looking at India and the opportunities that India presents.”
Goyal highlighted India’s demographic advantage, expanding domestic market and technology capabilities as key factors attracting global investment.
He said the government had recently unveiled a programme with an outlay of USD 3.5 billion to develop around 100 industrial parks. They will provide ready-to-use industrial infrastructure, including land, utilities, worker housing, environmental clearances and digital connectivity.
“We can offer factory-ready infrastructure,” he said, adding that the government’s role was increasingly that of a facilitator rather than a regulator.
A series of regulatory reforms had improved the ease of doing business. The implementation of the four Labour Codes consolidated 29 laws into a simplified framework.
India, Goyal said, has ensured its energy security and successfully navigated recent geopolitical disruptions by diversifying supply sources and ensuring uninterrupted fuel availability and stable prices amid the turbulence in West Asia.
The minister said infrastructure spending remained a pillar of the government’s economic strategy, with investments of nearly USD 130 billion being channelled into highways, ports, airports and rural connectivity projects.
