In a world shaped by geopolitical conflicts, trade disputes, and shifting power structures, trust has become the foundation of economic collaborations, policy initiatives, investment choices, and sustainable development. As nations reevaluate their trade strategies and prioritize their national interests, the global economy is undergoing a notable reconfiguration. Within this framework, the ‘India First’ philosophy directs our country, deeply anchored in its national interests, while actively engaging on the global stage. India, establishing itself as a stabilizing influence, is characterized not only by its vastness and rapid development but also by its strength and reliability. At the CII Annual Business Summit 2025, Piyush Goyal, India’s Minister of Industry and Supply, expressed the transformation India has experienced since 2014 and outlined the future growth drivers, competitiveness, and potential for global integration.

Factors Boosting GDP Growth and the Stock Market 

CII (The Confederation of Indian Industry) has been crucial in our efforts to not only enhance the skills of individuals but also support MSMEs and industry in grasping the necessary regulatory framework. They have also assisted us in evaluating its impact on businesses, employment, and the skilling or reskilling needs of our workforce, as well as the retraining obligations many organizations will face. This support will contribute to the responsible development of artificial intelligence and facilitate the adoption of technologies that optimize efficiency and effectiveness for the benefit of the Indian population.

We can achieve growth through trade, a resilient economy, sustainable supply chains, and long-term innovation, and we aspire to increase our growth rate to 8 percent at constant prices. In terms of nominal GDP growth measured in US dollars, we are approaching 9 to 10 percent, as our foreign exchange and currency remain stable. Even during times of global turbulence, we have ranked among the better-performing economies within emerging markets. Currently, we possess the world's fourth-largest foreign currency reserves, totaling approximately $690 billion, which is more than double what we inherited.

International Trading Relations

The Reserve Bank has excelled in the past five or six years at striking a favorable balance between market liquidity, interest rates, and currency management, as we have observed in the stock market. We are back on course on our overall path and are navigating international trade relationships, with free trade agreements reached with the UAE, Australia, the UK, and the four FT countries, as well as progress in our bilateral trade agreement with the United States and advancements with the European Union. The 27-nation bloc has initiated negotiations with New Zealand. I am leading a significant business delegation, followed by another delegation to Italy and a separate group heading to Switzerland, where countries have pledged $100 billion in foreign direct investment (FDI) into India over the next 15 years. This $100 billion in FDI is projected to result in approximately $500 billion in investments with Indian partners, including debt financing, leading to the creation of a substantial ecosystem that could generate another $500 billion.

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Effort towards Sustainability

The integration of solar and wind energy with storage makes a compelling case for data centers to establish themselves in India. Our initiatives promoting electric mobility are beginning to show positive results, and reaching a critical point will lead to significant advancements as more individuals realize that this goes beyond just sustainability; it's also an economic imperative today. Public transport options like taxis, buses, and logistics vehicles, such as trucks and pickup vans, no longer require any subsidies to transition to the electric mobility framework on their own accord. This presents a compelling business case for all of us to make the switch.

With the availability of plug-in hybrids and range-extender vehicles, individuals can choose from various models based on their driving patterns, whether they are infrequent, moderate, or heavy users. We are witnessing substantial business prospects arising, and it would be solely our fault if we overlook these international opportunities. 

 

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Providing Quality Life

Prime Minister Modi has exemplified an action, ensuring that no child goes to bed hungry in our nation, providing sufficient food grains and necessities for all, and striving for self-sufficiency and self-reliance in our food resources. We are working to ensure that every individual has a decent home where they can raise their children and that families enjoy a quality of life. We are currently conducting a campaign to inform people that schemes are in place, promising guaranteed employment, and that those wishing to upgrade their skills can access free training without any cost. Thanks to CII, there is tremendous progress being made. The aim is to ensure that no child in the country remains deprived, as we strive to meet everyone’s essential life needs. Fostering the faith of the Indian populace in the narrative of India, the India 2047 vision, and is instilling confidence in individuals to dream big and set ambitions that go beyond the ordinary.