India to remain world's fastest-growing economy for next 20 years: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Thursday expressed confidence that India will remain the world's fastest-growing economy over the next 20 years, citing the country's resilience in turning challenges into opportunities and its growing appeal for long-term global investments.

Speaking at the Citi India Conference 2026, Goyal stated that India has continuously emerged stronger during times of global uncertainty and stands out as a preferred destination for trade, manufacturing, business and investments. "India will continue to be the world's fastest-growing economy for over two decades into the future," Goyal said.

He emphasised that India has repeatedly adjusted its policies and business approaches in response to evolving global conditions, leveraging crises as catalysts for growth and development. The minister added that his recent engagements with global investors further strengthened optimism about India’s long-term economic outlook and growth trajectory. "Every conversation that I had reinforced one truth. The world's long-term capital is looking at India and the opportunities that India presents," he said.

Hyundai's growth in India

Goyal said the question for investors is no longer whether they should invest in India, but how soon they recognise and tap into the country's growth story. He also cited the example of South Korean automobile manufacturer Hyundai to illustrate India's growth potential. He highlighted that the company entered India in 1999 when infrastructure conditions were under development and invested USD 200 million.

According to Goyal, Hyundai began manufacturing vehicles a few years later and has continued to expand its operations. He said that over the last 10 years alone, Hyundai has created a value of more than USD 12-13 billion through the residual value of its stake, while also receiving royalties, dividends, and capital aggregating another USD 12-13 billion.

Goyal also referred to British construction equipment manufacturer JCB, which entered India when infrastructure development was still at an early stage. He said JCB now manufactures products in India and exports them to nearly 130 countries while also serving the growing domestic market. "Hyundai and JCB bet on substance over noise," Goyal said, adding that their success reflects India's manufacturing capabilities and long-term growth potential. The minister said India today is not only serving its domestic market of 1.4 billion people but is increasingly becoming a manufacturing base for global markets.