THEBUSINESSBYTES BUREAU

NEW DELHI, MAY 21, 2026

India’s growth trajectory will remain unmatched globally for at least the next quarter century, Union Minister of Commerce and Industry Piyush Goyal said on Thursday, underscoring the country’s rising economic strength, expanding global partnerships and deep structural reforms that are positioning it as a long-term growth engine of the world economy.

Addressing the Annual Leadership Summit of the American Chamber of Commerce in New Delhi, the Minister said India and the United States are evolving as natural partners with strong complementarities across high-technology sectors including innovation, precision defence manufacturing, digital data centres, quantum computing and medical devices. He emphasised that the relationship is anchored in mutual trust, shared economic interests and a growing convergence of strategic priorities between the two largest democracies.

Highlighting the scale of recent engagements, Goyal noted that American industry commitments in India over the past six months are estimated to exceed 60 billion dollars, with major investments in digital infrastructure, including large-scale data centre projects by global technology giants such as Amazon and Google. He said India today offers a unique combination of market scale, skilled talent and policy stability, making it one of the most attractive destinations for global capital.

The Minister observed that the United States is actively seeking reliable and trusted partners, and India has consistently demonstrated strong respect for intellectual property rights while ensuring timely, high-quality execution. With a population of 1.4 billion aspirational citizens, rising incomes and a rapidly expanding middle class, India provides unmatched demand aggregation that strengthens global innovation cycles.

Describing the India–US relationship as one of minimal competition and maximum complementarity, Goyal said the partnership becomes especially powerful when trust is combined with economic synergy, enabling the creation of resilient global supply chains. He said this alignment will define global economic architecture in the decades ahead.

Goyal also outlined the Government’s push for structured industrial expansion through the Bhavya scheme, under which 100 new industrial parks are being developed across the country. These parks are designed as integrated ecosystems combining industrial infrastructure with housing, recreation and social facilities to ensure holistic development and improved quality of life for workers.

He added that improved infrastructure, lower logistics costs and a series of free trade agreements are creating a strong investment cycle that is driving manufacturing growth and export competitiveness. “India will continue to remain the world’s fastest growing economy for at least the next 25 years,” he reiterated.

Focusing on small and medium enterprises, the Minister said coordinated government efforts through the MSME Ministry and DPIIT are aimed at upgrading technology capabilities and improving skill development. He said the proposed Export Promotion Mission will help MSMEs obtain globally recognised certifications, enabling their integration into international supply chains.

To strengthen quality infrastructure, agencies such as the Export Inspection Council, Bureau of Indian Standards and FSSAI are working together to build world-class testing systems across the country. Shri Goyal also emphasised India’s growing transformation from a manufacturing assembly hub to a centre of design, innovation and intellectual property creation.

Referring to macroeconomic resilience, he noted that India’s growth forecast has been revised upward from 6.4 per cent to 6.5 per cent despite global disruptions including geopolitical tensions and regional conflicts. He attributed this performance to strong governance, policy consistency and global confidence in India as a stable investment destination.

The Minister highlighted that global companies are increasingly viewing India as a preferred hub for Global Capability Centres, with over 2,117 GCCs employing around 2.35 million people and generating nearly 98 billion dollars in revenue. He said this reflects India’s emergence as a core driver of global services and innovation networks.

Goyal further pointed to India’s rapid digital transformation, driven by initiatives under the leadership of Narendra Modi such as Startup India, Make in India and Digital India. He noted that digital adoption is expanding beyond major cities into tier-two and tier-three regions, powered by strong connectivity and affordable data access.

On infrastructure, he underscored the transformative impact of PM Gati Shakti, which integrates nearly 1,800 data layers to improve planning and execution of logistics networks, highways, railways and ports. The initiative, he said, has significantly reduced inefficiencies and improved coordination across infrastructure projects.

Highlighting the renewable energy sector, Goyal said India’s solar capacity has expanded from less than 2 gigawatts to over 150 gigawatts in just over a decade, making the country a global leader in clean energy expansion. He added that reliable 24-hour clean power at competitive rates is making India a preferred destination for data centres and advanced manufacturing.

The Minister also stressed that India is moving decisively toward its long-term vision of becoming a developed nation by 2047 under the Viksit Bharat framework. He said the country aims to achieve a per capita income of 20,000 dollars while expanding infrastructure, improving ease of living and strengthening economic competitiveness.

Calling for deeper industry collaboration, Goyal urged large companies to support MSMEs through faster payment cycles, suggesting that payments could be cleared within seven days after goods approval to strengthen liquidity and investment capacity across smaller enterprises.

He concluded by stating that India’s economic transformation is not only structural but also deeply aspirational, driven by innovation, youth engagement and global integration. Those who invest in India’s growth story today, he said, will benefit from one of the most sustained and dynamic economic expansions in the world over the coming decades.