Union Minister of Commerce and Industry Piyush Goyal, during CII's Annual Business Summit 2025 today, said India is well on track to become the third-largest economy by 2027, as projected by

the International Monetary Fund (IMF).

"It is also very appropriate that despite all the turbulence, all the volatility, uncertainty & complexities that the world is going through, we continue to be the fastest growing economy of

the world. We continue to power global growth through growth in India, said Goyal, adding that India must prioritise inclusive growth. 

He said India's inflation and forex reserves are also strong, having the world's fourth largest foreign currency reserves at about $690 billion. "Our inflation for the last three months has

been below 4%, and the Reserve Bank has done a phenomenal job in maintaining a good balance."

The minister also gave a snapshot of the growth India's stock market has seen, saying that it has delivered over 300% return since 2014. "The stock market is not the only parameter... but if

you look at the 2014 to 2025 period, the stock market has probably grown 300%. I think the Nifty was probably at about 5,700 or 5,800 when we came into government in 2014. We are today

nearly touching 25,000."

The Union minister says EFTA (European Free Trade Association) countries will invest $100 billion FDI in India in the next 15 years. "$100 billion FDI will crystallise $500 billion of

investment, with Indian partners, and possibly another $500 billion ecosystem around it."

The minister said India's economy remains resilient amid global crises. "We continue to be the fastest growing economy in the world and we continue to power global growth through growth in

India."

Speaking about India's relevance as a global business destination, Goyal said at least 12 or 13 nations have in the last three months come to India with large business delegations and are

now looking to us to provide the investment opportunities.

The minister also spoke about AI and clean energy as the next growth frontiers of growth. "Artificial intelligence is galloping towards greater adoption...and renewable energy coupled with

storage is now available in India at Rs.3.30 per kilowatt hour, amongst the lowest in the world. It's a compulsive case for data centres to come in."

The Union minister said India is preparing for Viksit Bharat 2047, where speed, skill, and scale will define the growth journey, and capitalism will coexist with socialism for the integrated

development of every human being.