Union Minister of Commerce and Industry Piyush Goyal on Thursday said India is recognised as the world’s fastest-growing economy and expressed confidence that the country will continue to maintain this position for over two decades into the future.
Addressing global investors and business leaders virtually during Citi India Conference 2026 in Mumbai, Goyal noted that India has consistently converted crises into opportunities by reorienting processes and business strategies to suit changing geopolitical and economic circumstances while continuing to remain an attractive destination for trade, business, manufacturing and investments.
The Minister said his recent engagements with investors and business leaders in Canada and the United States demonstrated strong global confidence in India’s economic prospects.
Referring to his visit to Canada with the largest business delegation ever to travel from India, he highlighted the positive response received for a proposed India-Canada Free Trade Agreement and the strong investor interest from pension funds, insurance companies and other institutional investors.
Highlighting examples of successful long-term investments in India, the Minister referred to Hyundai’s entry into India in 1999 with an investment of approximately USD 200 million.
The Minister highlighted India’s expanding trade engagement with the world and stated that India has signed nine Free Trade Agreements in the last three to three-and-a-half years, covering 38 developed economies.
Goyal informed participants that the Oman Free Trade Agreement came into effect on 1 June and indicated that at least two to three additional substantive Free Trade Agreements are expected to come into effect within the next six months.
He further stated that India is likely to execute another three to four significant trade agreements in the coming year and operationalize all nine recently concluded agreements over the next nine to ten months.
He further added that India offers a safe and secure ecosystem where intellectual property is protected, technology remains secure and data privacy is maintained. He added that data centres serving global markets will enjoy income tax exemptions until 2047, the year by which India aims to become a developed nation with a USD 30 trillion economy under the vision of Viksit Bharat 2047.
