- India likely to remain fastest-growing major economy for next 20 Years: Piyush Goyal, Minister, Commerce & Industry, GoI
- Minister Goyal highlights three pillars of India’s economic growth — Strong macroeconomic fundamentals; Modern infrastructure and Improved quality of life
NEW DELHI, 16 October 2025: H.E. Mr Geraldo Alckmin, Vice President and Minister of Development, Industry, Trade and Services, Government of Brazil today said that India and Brazil share a strong relationship and the bilateral trade between the two nations reached $12 billion in 2024. “This year exports from India to Brazil grew over 30 per cent and exports from Brazil is also growing. We will overcome the foreign trade target of $20 billion in 2030. Both countries do not compete but complement each other. Brazil is opening its doors to Indian investment, and together we can transform our economies and forge a strong Brazil-India alliance for the future,” he added.
Addressing the ‘India-Brazil Business Dialogue’, organized jointly by FICCI, apexBrasil and CNI, the Vice President stated that Brazil sees India a priority partner for the diversification of exports and investments. The advancements in cooperation in the investment facilitation agreement to avoid double taxation creates a business environment that is predictable and safer. “We want to broaden the Preferential Trade Agreement so that our trade flows broaden. We want to strengthen our long-term cooperation in the civil and defence areas,” he emphasized.
Indian companies, he added, can invest in Brazilian sectors including automotive, IT, renewables, clean energy, healthcare, aerospace, agriculture, semiconductors and digital innovation. We are also working on the e-visa to improve the relation between the two nations. “We are ready to launch a digital partnership Brazil-India towards AI, high performance computing and technological start-ups. This digital partnership will be a driving force for the new green and digital economy thereby creating more jobs and technological sovereignty,” added the Vice President of Brazil.
Mr Piyush Goyal, Minister of Commerce & Industry, Government of India stated that India aims to be the fastest-growing large economy for another 20 years. He noted the IMF’s increased GDP growth forecast to 6.6 per cent and India’s consistent performance. The Minister highlighted that the IMF has revised India’s growth projection for 2025 upward from 6.4 per cent to 6.6 per cent. He added that in the last 12 years, 250 million Indians have been lifted out of poverty, creating a strong and aspirational middle class that now drives the nation’s consumption and growth story.
Mr Goyal emphasized that India’s welfare and infrastructure investments are working in tandem to create a more inclusive and sustainable economy—ensuring that every citizen has access to food, housing, education, healthcare, electricity, digital connectivity, and clean water. He reiterated the government’s commitment to structural reforms, ease of doing business, and reducing compliance burdens. “The efforts by the government have strengthened investor confidence and positioned India to become the world’s third-largest economy in the near future, aiming for a USD 30–35 trillion economy by 2047,” he stressed.
Mr Goyal underlined that under the leadership of Prime Minister Modi, India’s growth story rests on three strong pillars. The first pillar is creation of robust macroeconomic fundamentals; second pillar is focused on taking modern, high-quality infrastructure to remotest corners of the country and the third pillar includes improving the quality of life of the people.
“The Government has maintained low inflation, ensured consistent growth, fortified the banking system, and built one of the strongest foreign exchange reserve positions in the world. The government has also reduced the income tax burden on the middle class and simplified the Goods and Services Tax (GST) system to make business processes easier,” added Mr Goyal and highlighted that these measures enable citizens to have greater spending capacity and a better quality of life for their families.
Mr Harsha Vardhan Agarwal, President, FICCI and Vice Chairman & MD, Emami Ltd said that India and Brazil are natural partners in shaping a more balanced and inclusive global order. “Through frameworks such as IBSA, BRICS, the G20, and the United Nations, our nations have stood together to amplify the voice of the Global South and to advance cooperation in food security, health resilience, energy transition, and climate action,” he added.
Mr Frederico Lamego, Superintendent of International Relations, National Confederation of Industry (CNI) said that today we are relaunching the Business Council between India and Brazil with the objective to create a purposeful agenda for businesses.
Ms Ana Repezza, Director of Business at ApexBrasil, addressed the India-Brazil Business Dialogue, highlighting the vast scope for trade between India and Brazil. She expressed optimism about expanding trade between India and Brazil in areas such as food security, energy, and more.
During the event, Terms of Reference (ToR) for the India-Brazil Business Leaders Forum between FICCI and CNI was exchanged.
