Union Commerce Minister Piyush Goyal emphasized India’s strong economic performance and expanding collaboration with Brazil during the India-Brazil Business Dialogue on October 16, 2025. The event was attended by senior Brazilian officials, including Vice President Geraldo Alckmin and Defense Minister José Múcio Monteiro Filho.
Speaking on World Food Day, Goyal highlighted the natural synergy between the two agricultural powerhouses, expressing hope for enhanced cooperation in agri-business and food processing sectors. Both nations play crucial roles in ensuring global food security through their significant agricultural output.
Drawing on Prime Minister Narendra Modi's vision, Goyal remarked that India-Brazil relations should be "as colourful as a carnival and as passionate as football." He praised Brazil for integrating yoga and Ayurveda into its healthcare system, noting how such initiatives deepen cultural bonds between the nations.
India's economic trajectory remains impressive, with first-quarter GDP growth hitting 7.8 percent, maintaining its position as the world's fastest-growing major economy for four consecutive years. The International Monetary Fund recently revised India's 2025 growth forecast upward to 6.6 percent, reflecting confidence in the country's economic policies.
Goyal outlined three fundamental pillars driving India's development under Prime Minister Modi's leadership. First, strong macroeconomic fundamentals including controlled inflation, steady growth, and foreign exchange reserves worth USD 700 billion, placing India among the top five globally. Second, extensive infrastructure development reaching remote areas, reducing logistics costs and enhancing competitiveness. Third, improving citizens' quality of life through reduced income taxes and simplified GST regulations implemented in September.
The Minister highlighted remarkable social progress, with 250 million Indians lifted from poverty over the past decade, creating a vibrant middle class that fuels consumption and economic growth. Government initiatives now ensure widespread access to essential services including housing, healthcare, education, electricity, digital connectivity, and clean water.
India aims to become the world's third-largest economy soon, targeting a USD 30-35 trillion economy by 2047. This ambitious goal is supported by ongoing structural reforms, improved ease of doing business, and reduced compliance burdens that have strengthened investor confidence.
Concluding with Brazilian President Lula da Silva's quote, "No one can reap the fruit before planting the trees," Goyal expressed confidence that the seeds of partnership sown between India and Brazil would yield lasting prosperity for both nations, backed by the collective resolve of 1.4 billion Indians working toward becoming a developed nation.
