India’s growth story is resilient, investment-ready and powered by strong governance and technological ambition, says Union minister of commerce and industry Piyush Goyal. (Photo courtesy: PickPik)
New Delhi: Underscoring India’s accelerating economic momentum and deepening global partnerships, Union minister of commerce and industry Piyush Goyal delivered two major addresses in the capital on Tuesday, stressing that India’s growth story is resilient, investment-ready and powered by strong governance and technological ambition. Speaking first at the Indo-American Chamber of Commerce and later at the curtain raiser of Ficci’s 98th AGM and annual convention, the minister articulated that India’s economic rise and global engagement are advancing in tandem — anchored in stability, trust and a shared vision on development.
At the Indo-American Chamber of Commerce, Goyal reiterated that the India-US partnership remains “strong, stable and continuously expanding” across strategic and economic fronts with no cause for concern regarding bilateral ties. Calling the friendship between the two democracies a relationship built on shared developmental values, he said the United States sees India as a trusted partner, and both countries are committed to advancing trade and commerce. Negotiations, he noted, are continuous and must balance India’s national interests along with the sensitivities of farmers, fishermen, small businesses and industries.
Goyal highlighted India’s leap from the ‘Fragile Five’ to the world’s top five economies in the last decade and projected India to become the third-largest economy by 2027. Strong banking systems, low inflation, infrastructure expansion, controlled fiscal deficits and rising consumer sentiment, he said, are reinforcing India’s economic fundamentals. He cited 2.4 million annual STEM graduates, expanding free trade agreements (FTA) and improved access to basic services — from housing and healthcare to electricity and digital connectivity — as drivers of inclusive growth. India’s economy, he said, has more than doubled in 10 years and is on course to become a $30-35 trillion economy by 2047.
At the Ficci AGM curtain raiser later in the day, the minister laid out four dimensions critical to India’s journey toward becoming a developed nation — manufacturing, skilling, investment and technology. He called for transforming India into a competitive domestic manufacturing hub while reducing over-dependence on external suppliers for critical goods. On skilling, he urged a shift from degree-based aspirations to high-precision technical proficiency, describing underemployment — not unemployment — as India’s long-standing challenge.
Goyal stressed that a business-friendly ecosystem remains central to India’s economic trajectory, noting ongoing reforms on compliance reduction, deregulation, decriminalisation and seamless FDI and FII processes. Technology and innovation, he said, will form the backbone of India’s next stage of growth, with artificial intelligence, quantum computing and machine learning emerging as national priorities supported by a ₹1 lakh crore research, development and innovation Fund. The Jan Vishwas Act, he added, reflects the government’s commitment to trust-based governance and ease of doing business.
Calling national security a non-negotiable pillar of development, he underlined the need for cybersecurity and secure digital systems in an increasingly volatile world. He attributed India’s transformation to what he described as “politics of trust” under Prime Minister Narendra Modi, crediting it for lifting millions out of poverty and helping India rise from the 11th-largest to the 4th-largest global economy.
Celebrating Ficci’s legacy, founded with encouragement from Mahatma Gandhi, Goyal urged the organisation to take its role beyond industry representation and expand its reach across the country under the vision of ‘Ficci Bharat 2047’. He asked it to push hard on sustainability, quality, global competitiveness, MSME support and mentorship of the next generation of business leaders.
Across both addresses, the minister’s message remained consistent: India is an oasis of stability amid global uncertainty and one of the most promising destinations for investment, innovation and new-age technology. He expressed confidence that with collective effort and unity of purpose, India will not only remain the world’s fastest-growing major economy but will emerge as a developed and prosperous nation by 2047.