India–Brazil Business Dialogue: Piyush Goyal Highlights Economic Growth, Agri-Strengths on World Food Day THE NEW INDIAN – india brazil business dialogue piyush goyal highlights economic growth agri strengths on world food day

New Delhi: Union Minister of Commerce and Industry, Piyush Goyal, addressed the India–Brazil Business Dialogue today, underscoring India’s robust economic growth, deepening bilateral ties with Brazil, and shared strengths in agriculture and global food security.

Goyal expressed gratitude to the Vice President of Brazil, H.E. Mr. Geraldo Alckmin, and Minister of Defense, H.E. Mr. José Múcio Monteiro Filho, describing their participation as a reflection of the strong commitment of both nations to deepen strategic and economic cooperation.

“India–Brazil relations should be as colourful as a carnival and as passionate as football,” Goyal quoted Prime Minister Narendra Modi, highlighting the cultural and diplomatic vibrancy between the two nations. He also appreciated Brazil for incorporating yoga and Ayurveda into its healthcare system, emphasizing the potential for expanded cooperation in wellness and traditional knowledge.

Economic Growth Highlights

Speaking on India’s economic performance, Goyal noted that the country recorded a 7.8% GDP growth in Q1, retaining its position as the fastest-growing major economy globally for the past four years. He emphasized that under Prime Minister Modi’s leadership, India’s growth rests on three pillars:

1. Strong Macroeconomic Fundamentals – Low inflation, robust banking systems, and a USD 700 billion forex reserve position India among the top five countries in forex strength, providing a threshold for ambitious growth targets.

2. Modern Infrastructure – Investments across the country enhance connectivity, reduce logistics costs, support entrepreneurship, and create jobs, driving equitable growth.

3. Improved Quality of Life – Simplified taxation and recent GST reforms have increased disposable income for citizens, promoting inclusive development.

Goyal highlighted that in the past 12 years, 250 million Indians have been lifted out of poverty, creating a strong, aspirational middle class driving consumption and growth. He also noted the IMF’s upward revision of India’s growth projection for 2025 from 6.4% to 6.6%, praising India’s bold structural reforms.

Agriculture and Food Security

Marking World Food Day, Goyal emphasized the shared agricultural strengths of India and Brazil, both key contributors to global food security. He expressed optimism that the dialogue would foster greater collaboration in agri-business and food processing, enhancing bilateral trade and investment opportunities.

Global Partnerships and Vision

The Minister reiterated India’s commitment to structural reforms, ease of doing business, and investor confidence, projecting India as the world’s third-largest economy in the near future, targeting a USD 30–35 trillion economy by 2047. He reaffirmed the government’s mission for inclusive growth, sustainable development, and global cooperation through Free Trade Agreements and strategic partnerships.

Concluding his address, Goyal quoted Brazilian President Luiz Inácio Lula da Silva:

“No one can reap the fruit before planting the trees.”

He remarked that India has sown the seeds for long-term growth and expressed confidence that the friendship between India and Brazil would yield lasting prosperity for both nations.