India–Brazil Business Dialogue held today underscored the growing depth of economic cooperation and strategic partnership between the two nations. The event was addressed by Union Minister of Commerce and Industry, Piyush Goyal, along with the Vice President of Brazil, H.E. Geraldo Alckmin, and the Minister of Defense, H.E. José Múcio Monteiro Filho. The high-level participation reflected the shared commitment of both nations to advance collaboration in trade, investment, and sustainable development.
Marking the occasion of World Food Day, the Dialogue placed special emphasis on the agricultural strengths of both countries. Goyal highlighted that India and Brazil, as two of the world’s largest agricultural producers, play a critical role in ensuring global food security. He expressed optimism that the deliberations would foster stronger partnerships in agri-business, food processing, and sustainable farming technologies, contributing to mutual prosperity and food resilience.
Quoting Prime Minister Narendra Modi, Goyal remarked that India–Brazil relations should be “as colourful as a carnival and as passionate as football,” symbolizing the vibrancy, energy, and warmth shared between the two democracies. He commended Brazil’s recognition of India’s traditional wellness systems— Yoga and Ayurveda —within its healthcare framework, emphasizing that these cultural exchanges strengthen people-to-people connections and mutual understanding.
Highlighting India’s impressive economic performance, the Minister noted that India’s GDP grew by 7.8
percent in the first quarter, reaffirming its position as the world’s fastest-growing major economy for the fourth consecutive year. He expressed confidence that this growth momentum would continue for decades, driven by policy stability, reforms, and the collective aspirations of 1.4 billion citizens.
Goyal outlined three core pillars underpinning India’s growth story under Prime Minister Modi’s leadership.
The first pillar, he said, is the creation of strong macroeconomic fundamentals. The Government has ensured low inflation, sustained growth, a robust banking system, and one of the largest foreign exchange reserves globally—standing at around USD 700 billion. These fundamentals, he emphasized, provide the solid foundation for India’s long-term growth and economic resilience.
The second pillar focuses on developing world-class infrastructure that enhances connectivity and competitiveness across all regions of the country. The Minister noted that investments in infrastructure have significantly reduced logistics costs, improved accessibility, and opened new opportunities for entrepreneurship and innovation. He added that these initiatives empower India’s youth, strengthen supply chains, and create a conducive environment for businesses to expand and flourish.
The third pillar of India’s growth model, Goyal said, is enhancing the quality of life for all citizens. The Government has undertaken major reforms such as rationalizing income tax rates and simplifying the Goods and Services Tax (GST) regime to promote ease of doing business. The recent GST reforms implemented on 22nd September have further streamlined compliance, reduced tax burdens, and strengthened the formal economy. These measures, he stated, enhance citizens’ purchasing power and ensure that economic growth remains inclusive and broad-based.
Referring to the International Monetary Fund (IMF) ’s latest assessment, Goyal noted that India’s growth forecast for 2025 has been revised upward to 6.6 percent, recognizing the nation’s reform-driven momentum. He highlighted that 250 million Indians have been lifted out of poverty in the past 12 years, creating a confident and aspirational middle class that is now a major driver of consumption and growth.
The Minister emphasized that India’s welfare and infrastructure investments are shaping a resilient, inclusive, and sustainable economy, ensuring access to housing, education, healthcare, clean energy, digital connectivity, and safe drinking water for all citizens. He reiterated the Government’s focus on structural reforms, reducing compliance burdens, and improving the ease of doing business, which have significantly bolstered investor confidence.
Looking ahead, Goyal stated that India is poised to become the world’s third-largest economy, targeting a USD 30–35 trillion economy by 2047, in line with the vision of a Viksit Bharat (Developed India).
Concluding his remarks, the Minister quoted Brazilian President Luiz Inácio Lula da Silva, saying, “No one can reap the fruit before planting the trees.” He said India has already planted the seeds of long-term growth and partnership, and expressed confidence that the enduring friendship between India and Brazil will continue to yield shared prosperity, stability, and success for both nations in the years ahead.
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