#EaseOfDoingBusiness #MakeInIndia #ViksitBharat2047 #IndiaGrowthStory #PiyushGoyal #GSTReforms #FDI #Manufacturing #TradeAgreements #EconomicReforms
New Delhi: Union Minister of Commerce and Industry, Shri Piyush Goyal, reiterated India’s commitment to ease of doing business, economic reforms, and sustainable growth while addressing the 21st Annual Global Investor Conference 2025 on September 2, 2025. Emphasizing India’s resilience and long-term economic vision, Shri Goyal said India has a history of converting crises into opportunities and is once again poised to turn challenges into stepping stones on the path to becoming a developed nation by 2047.
India’s Resilient Economic Journey
The Minister recalled how India successfully overcame difficult periods such as the 1991 balance of payments crisis, the global financial crisis of 2008, and the COVID-19 pandemic. Each time, India emerged stronger with reforms, adaptability, and renewed growth momentum. He noted that the same resilience is visible today as India builds a strong foundation for its future under the Viksit Bharat 2047 vision.
“India has always proven its ability to not only withstand shocks but also to rise stronger,” Shri Goyal said, urging both government and industry leaders to work collectively towards making India one of the most powerful economies globally.
Robust Economic Indicators
Highlighting recent economic performance, the Minister pointed out that India’s GDP grew at 7.8% in Q1 FY2025, the fastest quarterly growth in the last five years. This impressive performance is supported by:
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Private Capex growth of 66%, signaling strong business investment.
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14% increase in Foreign Direct Investment (FDI), showcasing global investor confidence.
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Millions of new demat accounts being opened every month, reflecting deepening retail participation in India’s capital markets.
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The lowest Consumer Price Index (CPI) inflation in many years, ensuring price stability.
India’s banking sector performance has also reached its highest levels in recent years, restoring depositor and borrower confidence. Strengthening this outlook, India’s sovereign rating has been upgraded from BBB- to BBB with a stable outlook, driven by growth fundamentals and external financial stability.
Manufacturing at a 17.5-Year High
A major highlight of Shri Goyal’s address was the record performance of India’s manufacturing sector. The Manufacturing Purchasing Managers’ Index (PMI) has touched a 17.5-year high, underscoring strong demand, production, and exports.
The Minister stressed that India must sustain this momentum with greater investments in the “Make in India” programme, which has become a central pillar of the government’s industrial policy. Sectors such as drones, semiconductors, and CRGO steel were mentioned as priority areas for scaling up domestic production and reducing dependence on imports.
Ease of Doing Business Reforms
Shri Goyal underlined the government’s continued focus on simplifying procedures, deregulating industries, and decriminalising laws to ensure ease of doing business. The reforms, he said, are designed to encourage investment, avoid duplication, strengthen ethical standards, and enhance technology-driven solutions.
The Minister invited suggestions from industry leaders to make India a more attractive investment destination, emphasizing that collaboration between industry and government will be critical in achieving sustained growth.
Upcoming GST 2.0 and Tax Reforms
Looking ahead, Shri Goyal announced that the government is preparing for GST 2.0 reforms, which will be taken up in forthcoming GST Council meetings. These reforms aim to simplify compliance, boost consumer confidence, and spur demand.
He also reminded investors of significant reductions in corporate and personal tax rates in recent years, coupled with RBI’s reduction in policy rates and CRR, all while maintaining inflation at around 1.5%.
Global Trade Partnerships
India’s trade strategy continues to advance with multiple Free Trade Agreements (FTAs). Shri Goyal highlighted that India has already concluded FTAs with Mauritius, the UAE, and Australia, while negotiations are actively progressing with the European Union, EFTA bloc, and the United Kingdom.
He also expressed optimism about concluding a bilateral trade agreement with the United States by November 2025, following discussions between leaders of both nations earlier this year.
Sustainability and Quality Manufacturing
On sustainability, Shri Goyal called upon industries to embrace renewable energy and energy-efficient practices. Citing successful examples like the large-scale adoption of LED bulbs and 5-star appliances, he stressed the importance of producing goods with “Zero Defect, Zero Effect”—ensuring high quality while protecting the environment.
The Path to Viksit Bharat 2047
The Minister concluded with a powerful call for collective ambition, urging Indians to dream big, aspire big, and achieve big. “We are not here for incremental change; we are here for quantum leaps. 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,” he declared.
The speech reaffirmed the government’s resolve to foster an environment conducive to business, innovation, and investment while ensuring sustainability and inclusivity in India’s growth journey. With structural reforms, investor confidence, and strong fundamentals, India is on a solid path toward achieving its Viksit Bharat 2047 vision.
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