On track for trade deal with US, progressing well with EU, initiated with NZ: Goyal

India will remain the fastest-growing large economy in the world for the next 30 years and is well on track for its bilateral trade agreement with the US, Union Minister for Commerce and Industry Piyush Goyal said at the CII Annual Business Summit 2025 on Thursday.

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Goyal stated the country has maintained sustained growth of 6–7% and hopes to push it to 8% at constant prices.

He cited progress on various Free Trade Agreements (FTAs), including those with the UAE, Australia, the UK, the four EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland), and the ongoing bilateral trade agreement negotiations with the USA. “We are well on track with our bilateral trade agreement with the USA and making fast progress with the European Union’s 27-nation bloc. We have also launched negotiations with New Zealand,” he stated.

Goyal said even amidst international upheavals, India is among the better-performing emerging markets.

"Today, India holds the 4^th-largest foreign exchange reserves in the world at about 690 billion dollars. Our inflation has remained below 4% for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management,” he said.

Goyal highlighted India as an attractive investment destination. “Over the past 20–25 years, Indian companies have delivered nearly 20% CAGR returns, making India a compulsive investment destination. FDI inflows are consistently breaking records. We are back on track on the growth trajectory, working through international trading relations,” he added.

The EFTA countries have committed $100 billion in Foreign Direct Investment (FDI) to India over the next 15 years. This is expected to crystallise into a total investment of $500 billion. Furthermore, the large ecosystem that will be created around this investment has the potential to attract an additional $500 billion. “We are not aiming small,” said Goyal, emphasising that this figure does not include investments from the Norwegian Pension Fund and represents pure FDI.

He further highlighted that this is the first Free Trade Agreement (FTA) in the world to include such a forward-looking investment clause.

Goyal stated that the IMF has projected that by 2027, India will be the world’s third largest GDP.