Union Minister of Commerce and Industry Piyush Goyal addressed the India–Brazil Business Dialogue on Thursday, highlighting India’s strong economic growth and the deepening strategic partnership between the two nations.
The event was attended by Vice President of Brazil Geraldo Alckmin and Minister of Defense José Múcio Monteiro Filho. Goyal expressed gratitude for their participation, describing their visit as a reflection of both nations’ shared commitment to strengthening bilateral relations.
Marking World Food Day, the Minister underscored the agricultural strengths of India and Brazil—two major global agri-producers contributing to food security. He expressed optimism that the dialogue would open new avenues for collaboration in agribusiness and food processing.
Quoting Prime Minister Narendra Modi, Goyal said that India–Brazil relations should be “as colourful as a carnival and as passionate as football.” He also appreciated Brazil for embracing yoga and Ayurveda in its healthcare systems, noting that traditional wellness practices can further enhance cultural and health cooperation.
Referring to India’s economic performance, Goyal said the country’s GDP grew by 7.8 percent in the first quarter, maintaining its position as the world’s fastest-growing major economy for four consecutive years. He expressed confidence that India would sustain this momentum for at least the next two decades.
He outlined three key pillars driving India’s growth story under the leadership of Prime Minister Narendra Modi. The first pillar, he said, is the creation of robust macroeconomic fundamentals—ensuring low inflation, steady growth, a strong banking system, and one of the world’s top five foreign exchange reserves, currently at USD 700 billion.
The second pillar focuses on expanding modern infrastructure to every corner of the country. Goyal noted that high-quality infrastructure enhances competitiveness, reduces logistics costs, and creates new opportunities for entrepreneurship, innovation, and job creation.
The third pillar, he said, aims at improving the quality of life for citizens. The government has reduced the income tax burden on the middle class, simplified the Goods and Services Tax (GST) system, and implemented reforms that boost compliance and ease of doing business. The GST 2.0 reforms introduced on September 22 have further reduced rates and streamlined processes.
Citing IMF projections, the Minister noted that India’s growth forecast for 2025 has been revised upward from 6.4 to 6.6 percent. He added that over the past 12 years, 250 million Indians have been lifted out of poverty, creating a strong, aspirational middle class that drives consumption and growth.
Goyal emphasized that India’s welfare and infrastructure initiatives are advancing together to build an inclusive, sustainable, and resilient economy, ensuring access to food, housing, education, healthcare, electricity, digital connectivity, and clean water for all citizens.
He reaffirmed the government’s focus on structural reforms, ease of doing business, and investor confidence, adding that India is on track to become the world’s third-largest economy and aims for a USD 30–35 trillion economy by 2047.
Concluding his address, Goyal quoted Brazilian President Luiz Inácio Lula da Silva: “No one can reap the fruit before planting the trees.” He said India has planted the seeds of long-term growth and partnership, expressing confidence that the friendship between India and Brazil will yield enduring prosperity for both nations.