New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday said that the government continues to work towards ease of doing business and ease of living by deregulating, reducing procedures, simplifying policies, and decriminalising laws as he invited suggestions from industry leaders to further improve the investment climate, avoid duplication, enhance use of technology, and strengthen ethics and fairness in markets.
Addressing the annual Global Investor Conference 2025, the minister stated that the upcoming GST 2.0 reforms, expected in the forthcoming GST Council meetings, will boost consumer sentiment, spur demand, and simplify compliance. He also highlighted the government’s significant reduction in corporate and personal tax rates, coupled with the RBI’s reduction in policy rates and CRR, while maintaining inflation at 1.5 per cent.
Goyal said India is committed to Aatmanirbhar Bharat—not by closing doors to international engagement, but by building resilient supply chains to avoid dependency on any one geography. He cited the government’s push for manufacturing in key sectors, including drones, semiconductors, and CRGO steel, noting growing commitments by Indian industry and buyers to source domestically.
He highlighted 7.8 per cent GDP growth in the first quarter of the financial year 2025—the fastest growth in the last five years for a quarter. He underscored that private capex is up by 66 per cent, foreign direct investment has increased by 14 per cent, and millions of new demat accounts are being opened every month. Strong macroeconomic fundamentals, lowest CPI inflation in a very long time, and significant domestic capital inflows reflect renewed confidence in India’s growth story, he added.
Goyal said India’s banking sector has achieved its highest performance in many years, providing safety and confidence to depositors and borrowers alike. He noted that India’s sovereign rating has been upgraded from BBB- to BBB with a stable outlook, backed by robust growth and strong external financial stability.
On trade, the Minister recalled the FTAs already concluded with Mauritius, the UAE, and Australia, and noted ongoing engagements with the EFTA bloc, the European Union, and the United Kingdom. He informed that discussions with the EU are advancing, with senior delegations holding talks on both sides. Goyal expressed hope of concluding a bilateral trade agreement with the US by November, as discussed by the two leaders earlier this year.
The minister highlighted India’s manufacturing PMI is at a 17.5-year high and called for greater investment in Make in India. He emphasised the role of infrastructure as a force multiplier, driving consumption and boosting the economy.
Recalling how India emerged stronger from the crises of 1991, 2008, and the pandemic, Goyal said the country is once again poised to turn challenges into opportunities. He emphasised the collective responsibility of government and industry in realising the vision of Viksit Bharat 2047.
“We are not here for incremental change; we are here for quantum leaps. Let us dream big, aspire big, and achieve big. This is the India of my dreams, the India of 140 crore Indians, a nation that matters in the world and shows light to the rest of the world,” he said.
(IANS)
