India’s Commerce Minister Piyush Goyal has reaffirmed the government’s commitment to making doing business easier and improving everyday life for citizens. During the annual Global Investor Conference 2025, he shared plans to simplify policies, cut red tape, and promote fair markets by encouraging suggestions from industry leaders.
Goyal highlighted upcoming reforms in the Goods and Services Tax (GST 2.0), expected in the next GST Council meeting. These changes aim to boost consumer confidence, increase demand, and make compliance simpler for businesses. He also pointed out that the government has already lowered corporate and personal tax rates, while the Reserve Bank of India (RBI) has reduced policy rates and Cash Reserve Ratio (CRR), helping to support economic growth—all while keeping inflation low at just 1.5%.
India is focused on building a resilient local manufacturing sector under the Aatmanirbhar Bharat (Self-Reliant India) initiative. The aim is not to shut out international trade but to develop strong supply chains that don’t depend heavily on any single country. The government is encouraging sectors like drones, semiconductors, and steel manufacturing, with Indian companies showing a growing preference to source products domestically.
In recent economic news, Goyal pointed out that India’s GDP grew at 7.8% in the first quarter of 2025—the fastest in five years. Private investment has surged by 66%, foreign direct investment (FDI) increased by 14%, and millions of new trading accounts are opening every month. These signs, along with stable inflation and healthy foreign capital inflows, reflect growing confidence in India’s economic future.
The banking sector is also performing well, with results at their highest in years, giving confidence to depositors and borrowers. India’s credit rating has improved from BBB- to BBB with a stable outlook, thanks to strong growth and financial stability.
On international trade, Goyal mentioned that India has already signed free trade agreements with Mauritius, the UAE, and Australia. Negotiations are ongoing with groups like EFTA, the European Union, and the UK. Talks with the EU are progressing well, and India hopes to reach a trade deal with the US by November.
Goyal emphasized that India’s manufacturing activity is at a 17.5-year high and called for more investment in the “Make in India” initiative to boost industrial growth. Infrastructure development was also highlighted as a key driver to support consumption and economic progress.
Reflecting on India’s history, Goyal recalled how the country bounced back stronger from crises in 1991, 2008, and during the COVID-19 pandemic. He expressed optimism that India is now ready to turn challenges into opportunities, working together with industry and government to realize the vision of Viksit Bharat (Developed India) by 2047.
He ended with an inspiring message: “We are not here for small changes. We aim for big leaps. Let’s dream big, aspire big, and achieve big. This is the India of my dreams—a nation that matters globally and shines as a beacon of hope and progress for the world.”
