India to remain world's fastest-growing economy for next two decades: Piyush Goyal
Mumbai, June 4
Union Commerce and Industry Minister Piyush Goyal on Thursday said India will continue to be the world's fastest-growing economy for the next two decades, highlighting the country's ability to convert crises into opportunities and attract long-term global investments.
Addressing the Citi India Conference 2026, Goyal said India has consistently emerged stronger during periods of global uncertainty and remains an attractive destination for trade, manufacturing, business and investments.
"India will continue to be the world's fastest-growing economy for over two decades into the future," Goyal said.
He noted that India has repeatedly adapted its policies and business strategies to changing global circumstances and has used challenges as opportunities for growth.
According to the minister, discussions with global investors during his recent interactions reinforced confidence in India's long-term growth prospects.
"Every conversation that I had reinforced one truth. The world's long-term capital is looking at India and the opportunities that India presents," he said.
Goyal added that the question for investors is no longer whether to invest in India, but how quickly they recognise the country's growth story.
To illustrate India's growth potential, the minister cited the example of South Korean automobile manufacturer Hyundai. He said the company entered India in 1999 when infrastructure conditions were still developing and invested USD 200 million.
According to Goyal, Hyundai began manufacturing vehicles a few years later and has continued to expand its operations.
He said that over the last 10 years alone, Hyundai has created value of more than USD 12-13 billion through the residual value of its stake, while also receiving royalties, dividends and capital aggregating another USD 12-13 billion.
Goyal also referred to British construction equipment manufacturer JCB, which entered India when infrastructure development was still at an early stage.
He said JCB now manufactures products in India and exports them to nearly 130 countries while also serving the growing domestic market.
"Hyundai and JCB bet on substance over noise," Goyal said, adding that their success reflects India's manufacturing capabilities and long-term growth potential.
The minister said India today is not only serving its domestic market of 1.4 billion people but is increasingly becoming a manufacturing base for global markets.
He also highlighted India's recent trade engagement efforts.
According to Goyal, India has signed nine free trade agreements in the last three-and-a-half years covering 38 developed economies.
He said these countries complement India's growth story by offering products and services India requires while also creating opportunities for Indian exports, talent and investment.
"The patient investors with India have gained big time. The returns have rewarded conviction," he said.
The minister added that India continues to present significant opportunities for investors willing to take a long-term view on the country's economic growth and development.
— ANI
Reader Comments
As someone who's been tracking Indian economy for years, I find Goyal's analysis too optimistic. Infrastructure bottlenecks, regulatory unpredictability, and skill gap remain real challenges. The Hyundai story happened 25 years ago - today's investors need stronger governance and ease of doing business. Just my two cents from a business perspective. 😊
Love the optimism! But hope this growth also reaches the common man - better jobs, affordable housing, quality education. GDP numbers mean little if daily wage workers still struggle. The minister should also talk about inclusive growth. 🙏
True - India's demographic dividend is unmatched. But the real test will be creating enough jobs for 12 million young Indians entering workforce annually. FTAs with 38 economies sound impressive, but the implementation and domestic industry protection need balancing. Promising times ahead though! 🚀
"Patient investors have gained big time" - absolutely true! My grandfather invested in Indian stocks in the 90s and look at the returns now. But let's not be complacent - China's slowdown is our opportunity, but Thailand, Vietnam are catching up fast. We need to maintain reform momentum. Good analysis by Goyal ji though! 💪
I work with foreign investors considering India, and Goyal's message resonates. But practical challenges remain - land acquisition delays, complex tax structures, inconsistent state-level policies. The Hyundai-JCB examples are inspiring, but they represent easier times. Today's investors want faster clearances and policy stability. Hope the government addresses these! 💼
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.