India-Brazil ties poised for growth: Piyush Goyal highlights trade, agri, economy

Union Minister of Commerce Piyush Goyal, highlighting India’s economic growth and deepening bilateral partnership with Brazil, during the India–Brazil Business Dialogue today, said the strong ties between the two countries, which are leading agri-producing nations, can lead to even greater collaboration in agri-business and food processing.

On the World Food Day, Goyal talked about the shared agricultural strengths of India and Brazil, and India's economic growth and global trade vision. Here are the 7 key highlights:

1. Quoting Prime Minister Narendra Modi, Goyal said that India–Brazil relations should be “as colourful as a carnival and as passionate as football.” He also appreciated Brazil for including yoga and Ayurveda in its healthcare systems, noting that traditional knowledge and wellness practices can further strengthen cultural and health cooperation between the two nations.

2. He noted that India’s GDP grew by 7.8% in the first quarter, making it the fastest-growing large economy in the world for the past four years. The minister expressed confidence that India would continue this momentum for at least the next two decades.

3. Goyal said India’s growth story rests on three strong pillars. The first pillar, he said, is the creation of robust macroeconomic fundamentals. He said the government has maintained low inflation, ensured consistent growth, fortified the banking system, and built one of the strongest foreign exchange reserve positions in the world.

4. The second pillar, Goyal noted, focuses on taking modern, high-quality infrastructure to the remotest corners of the country. He said that good infrastructure is the foundation of competitiveness and a driver of equitable growth across India. Investments in infrastructure, he emphasised, not only improve connectivity and reduce logistics costs but also strengthen India’s ability to expand businesses and create jobs.

3. The third pillar of India’s growth story, the Minister said, is focused on improving the quality of life for the people. He said the government has reduced the income tax burden on the middle class and simplified the Goods and Services Tax (GST) system to make business processes easier. The recent GST reforms, activated on 22nd September, have significantly reduced tax rates and improved compliance, he said.

4. Referring to the recent statement by the IMF Chief praising India’s bold reforms, Goyal said the IMF has revised India’s growth projection for 2025 upward from 6.4% to 6.6%. He said in the last 12 years, 250 million Indians were lifted out of poverty, creating a strong and aspirational middle class that now drives the nation’s consumption and growth story.

5. The minister said that India’s welfare and infrastructure investments are working in tandem to create a more inclusive and sustainable economy—ensuring that every citizen has access to food, housing, education, healthcare, electricity, digital connectivity, and clean water.

6. As per Goyal, the government’s commitment to structural reforms, ease of doing business, and reducing compliance burdens have strengthened investor confidence and positioned India to become the world’s third-largest economy in the near future, aiming for a USD 30–35 trillion economy by 2047.

7. Goyal underscored that India’s mission to become a developed nation by 2047 is being powered by the collective resolve of 1.4 billion citizens. He reaffirmed India’s commitment to inclusive growth, global cooperation, and expansion of trade and investment partnerships through Free Trade Agreements with advanced and emerging economies alike.