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.<h3>Hyundai's growth in India</h3>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.

Piyush Goyal said that India has repeatedly adjusted its policies and business approaches in response to evolving global conditions, leveraging crises as catalysts for growth and development.

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.

Piyush Goyal said that India has repeatedly adjusted its policies and business approaches in response to evolving global conditions, leveraging crises as catalysts for growth and development.

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

The report highlights that India’s services sector contributes more than half of the Gross Value Added and serves as a major driver of exports and employment in the country.

The report highlights that India’s services sector contributes more than half of the Gross Value Added and serves as a major driver of exports and employment in the country.

India’s FY27 GDP set to soar at 6.8–7.2%! Why does the Economic Survey say growth is locked in?

India is likely to retain its position as the fastest-growing major economy in the world with 6.4 per cent economic growth in both 2026 and 2027, amid global uncertainty, as per data released by the International Monetary Fund's (IMF) World Economic Outlook Update in January 2026.&nbsp;The IMF estimated India's economy to grow by 7.3 per cent in 2025, and 6.4 per cent for the next two years, significantly outshining global and advanced economy averages. Meanwhile, before easing slightly to 3.2 per cent in 2027, the world economy is expected to expand at 3.3 per cent in 2025 and 2026.<h3>India's growth path remains stronger</h3>India’s strong economic outlook is supported by solid domestic demand, continued public spending and a gradual pickup in private investment. In comparison with other major economies, India's growth path remains notably stronger. The United States is expected to expand at 2.4 per cent in 2026, China at 4.5 per cent, and the Euro Area by a modest 1.3 per cent.&nbsp;India also continues to lead among emerging and developing economies in Asia, outperforming its regional peers and playing a key role in Asia’s projected growth of 5.0 per cent in 2026. The IMF said emerging market and developing economies overall are likely to grow at 4.2 per cent in 2026, well below India’s forecast pace.&nbsp;"In India, growth is revised upward by 0.7 percentage point to 7.3 per cent for 2025, reflecting the better-than expected outturn in the third quarter of the year and strong momentum in the fourth quarter. Growth is projected to moderate to 6.4 per cent in 2026 and 2027 as cyclical and temporary factors wane," the IMF said.&nbsp;The IMF added that inflation in India is likely to return close to the target levels (2-6 per cent) after easing sharply in 2025, largely due to subdued food prices.&nbsp;On the global front, the IMF noted that challenges from changing trade policies are being balanced by strong investment in technology, including artificial intelligence (AI), particularly in North America and Asia, along with fiscal and monetary support, generally supportive financial conditions, and adaptability of the private sector.

The IMF estimated India's economy to grow by 7.3% in 2025 and 6.4 % for the next two years, significantly outshining global and advanced economy averages. Meanwhile, before easing slightly to 3.2 per cent in 2027, the world economy is expected to expand at 3.3 per cent in 2025 & 2026.

India is likely to retain its position as the fastest-growing major economy in the world with 6.4 per cent economic growth in both 2026 and 2027, amid global uncertainty, as per data released by the International Monetary Fund's (IMF) World Economic Outlook Update in January 2026. The IMF estimated India's economy to grow by 7.3 per cent in 2025, and 6.4 per cent for the next two years, significantly outshining global and advanced economy averages. Meanwhile, before easing slightly to 3.2 per cent in 2027, the world economy is expected to expand at 3.3 per cent in 2025 and 2026. India's growth path remains stronger India’s strong economic outlook is supported by solid domestic demand, continued public spending and a gradual pickup in private investment. In comparison with other major economies, India's growth path remains notably stronger. The United States is expected to expand at 2.4 per cent in 2026, China at 4.5 per cent, and the Euro Area by a modest 1.3 per cent. India also continues to lead among emerging and developing economies in Asia, outperforming its regional peers and playing a key role in Asia’s projected growth of 5.0 per cent in 2026. The IMF said emerging market and developing economies overall are likely to grow at 4.2 per cent in 2026, well below India’s forecast pace. "In India, growth is revised upward by 0.7 percentage point to 7.3 per cent for 2025, reflecting the better-than expected outturn in the third quarter of the year and strong momentum in the fourth quarter. Growth is projected to moderate to 6.4 per cent in 2026 and 2027 as cyclical and temporary factors wane," the IMF said. The IMF added that inflation in India is likely to return close to the target levels (2-6 per cent) after easing sharply in 2025, largely due to subdued food prices. On the global front, the IMF noted that challenges from changing trade policies are being balanced by strong investment in technology, including artificial intelligence (AI), particularly in North America and Asia, along with fiscal and monetary support, generally supportive financial conditions, and adaptability of the private sector.

The IMF estimated India's economy to grow by 7.3% in 2025 and 6.4 % for the next two years, significantly outshining global and advanced economy averages. Meanwhile, before easing slightly to 3.2 per cent in 2027, the world economy is expected to expand at 3.3 per cent in 2025 &amp; 2026.

India likely to remain world's fastest-growing economy amid global uncertainty: IMF

India will continue to remain the world’s fastest-growing <a href="http://www.wionews.com/india-news/once-fragile-indian-economy-now-worlds-fastest-growing-pm-modi-191614">large economy in 2019</a> as well as in 2020, much ahead of China, a UN report said Wednesday.

According to the UN’s World Economic Situation and Prospects (WESP) 2019, India’s GDP growth is expected to accelerate to 7.6 per cent in 2019-20 from an estimated 7.4 per cent in the current fiscal ending March 2019. The growth rate may come down to 7.4 per cent a year later.

In the case of China, the growth is estimated to decelerate to 6.3 per cent in 2019 from 6.6 per cent in 2018. It may further go down to 6.2 per cent in 2020.

Growth (in India) continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms.

“Yet, more robust and sustained recovery of private investment remains crucial to lifting the medium-term growth,” WESP report said.

Referring to China, it said the growth is expected to moderate from 6.6 per cent in 2018 to 6.3 per cent in 2019, with policy support partly offsetting the negative impact of trade tensions.

The report further said the global economy would continue to grow at a steady pace of around 3 per cent in 2019 and 2020 amid signs that global growth has peaked.

However, a worrisome combination of development challenges could further undermine growth, it added.

The report also highlighted that global trade tensions pose a threat to the economic outlook.

Amid the rise in global trade tensions, world trade growth moderated over the course of 2018 to 3.8 per cent from the growth of 5.3 per cent in 2017.

While tensions have materially impacted some specific sectors, stimulus measures and direct subsidies have so far offset much of the direct economic impacts on China and the US, it said.

“But a prolonged escalation of trade tensions could severely disrupt the global economy,” WESP report said.

Directly impacted sectors have already witnessed rising input prices and delayed investment decisions.

These impacts, it said, can be expected to spread through global value chains, particularly in East Asia. Slower growth in China and the United States could also reduce the demand for commodities, affecting commodity exporters from Africa and Latin America.

India will continue to remain the world’s fastest-growing large economy in 2019 as well as in 2020, much ahead of China, a UN report said Wednesday. According to the UN’s World Economic Situation and Prospects (WESP) 2019, India’s GDP growth is expected to accelerate to 7.

India will continue to remain the world’s fastest-growing large economy in 2019 as well as in 2020, much ahead of China, a UN report said Wednesday. According to the UN’s World Economic Situation and Prospects (WESP) 2019, India’s GDP growth is expected to accelerate to 7.6 per cent in 2019-20 from an estimated 7.4 per cent in the current fiscal ending March 2019. The growth rate may come down to 7.4 per cent a year later. In the case of China, the growth is estimated to decelerate to 6.3 per cent in 2019 from 6.6 per cent in 2018. It may further go down to 6.2 per cent in 2020. Growth (in India) continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms. “Yet, more robust and sustained recovery of private investment remains crucial to lifting the medium-term growth,” WESP report said. Referring to China, it said the growth is expected to moderate from 6.6 per cent in 2018 to 6.3 per cent in 2019, with policy support partly offsetting the negative impact of trade tensions. The report further said the global economy would continue to grow at a steady pace of around 3 per cent in 2019 and 2020 amid signs that global growth has peaked. However, a worrisome combination of development challenges could further undermine growth, it added. The report also highlighted that global trade tensions pose a threat to the economic outlook. Amid the rise in global trade tensions, world trade growth moderated over the course of 2018 to 3.8 per cent from the growth of 5.3 per cent in 2017. While tensions have materially impacted some specific sectors, stimulus measures and direct subsidies have so far offset much of the direct economic impacts on China and the US, it said. “But a prolonged escalation of trade tensions could severely disrupt the global economy,” WESP report said. Directly impacted sectors have already witnessed rising input prices and delayed investment decisions. These impacts, it said, can be expected to spread through global value chains, particularly in East Asia. Slower growth in China and the United States could also reduce the demand for commodities, affecting commodity exporters from Africa and Latin America.

India to remain fastest-growing economy in 2019-2020: UN report

It&#39;s been two years since India emerged as the world&#39;s fastest-growing major economy, but the rapid expansion has done little to improve the lot of Ashok Kumar. 
 
Parked up and sitting on the kerb, the 25-year-old truck driver is going nowhere fast. He is the sole breadwinner for the 13 people in his extended family and his monthly salary is stuck at $150. 
 
With new, better-paid jobs hard to come by, Kumar lacks options. He fears becoming unemployed like his elder brother, who recently returned to their village in Uttar Pradesh after months of searching in vain for work. 
 
Data out on Wednesday showed India&#39;s economic growth slowed to 7.1 per cent in the quarter to June, a 15-month low. That is faster than other major economies, but not fast enough to create enough new jobs to absorb all the one million people who join the workforce every month. 
 
A government survey found that job creation fell by more than two-thirds in 2015. Analysts at HDFC Bank estimate that for every percentage point the economy grows, employment now adds just 0.15 of a percentage point - down from 0.39 in 2000. 
 
It&#39;s a major challenge for Prime Minister Narendra Modi, who has promised to create 250 million jobs over the next decade. 
 
&quot;For one job, there are at least 20 candidates,&quot; said Kumar. &quot;If you want the job, you can&#39;t afford to bargain.&quot; 
 
Nearly two-thirds of India&#39;s 1.3 billion people are under 35 years old. This rising demographic &quot;bulge&quot; will create the largest working-age population in the world. At the same time China, which has long curbed family size, will age as a society. 
 
Whether this so-called demographic dividend will translate into the kind of economic gains seen in Japan and Korea, or lead to upheavals, depends on India&#39;s ability to generate jobs. 
 
Yet, despite average annual growth of 6.5 per cent between 1991 and 2013, India added less than half the jobs needed to absorb new job seekers.
<h2>MORE WORKERS, FEWER JOBS</h2>
Under Modi, India has opened up further to foreign investment, hoping to generate more manufacturing jobs. A loan scheme for small businesses has been set up and there are plans for a $1.5 billion fund for startups. 
 
Modi has also launched a programme to train over four million people in different skills in six years. 
 
Pronab Sen, country director for the International Growth Centre, a British-backed think tank, said such measures were &quot;laudable&quot;, but they aimed at boosting supply when more demand was needed. 
 
&quot;India has become a demand-starved economy,&quot; Sen said. &quot;If there is no demand, there will be no incentive to produce more which, in turn, will mean no new jobs.&quot; 
 
The level of desperation for work is staggering. In August, nearly half a million people, including post-graduates, applied for 1,778 jobs as sweepers in the city of Kanpur. 
 
This was not a one-off. Last year, in Uttar Pradesh, 2.3 million people sought 368 low-level government jobs that required a primary education and ability to ride a bicycle. 
 
Competition for such jobs has become fiercer as the public sector&#39;s share in formal employment is declining. 
 
Two years of drought has caused distress in farming, while the construction business has suffered a prolonged downturn &ndash; making work scarcer in the two sectors that employ the bulk of India&#39;s unskilled workforce. 
 
Satellite cities around the capital, like Greater Noida were, until recently, bustling with construction activity. 
 
Now, Greater Noida&#39;s skyline is dotted with half-built, abandoned, high-rises. Cranes and diggers stand idle. 
 
In Delhi and the surrounding National Capital Region, housing starts fell 41 per cent year-on-year in the first half of the year, according to consultancy Knight Frank. Across India, starts were down 9 percent from a year earlier. 
 
Bhuwan Mahato, a contractor who supplies workers to construction projects around Noida, says demand for labour is down by at least 25 percent. 
 
&quot;I wish I hadn&#39;t joined this business,&quot; said Mahato, a 30-year-old migrant from the state of Bihar. &quot;But, truthfully, there are no other opportunities, either.&quot; 
 
(Reuters)

Despite average annual growth of 6.5 per cent between 1991 and 2013, India added less than half the jobs needed to absorb new job seekers

It's been two years since India emerged as the world's fastest-growing major economy, but the rapid expansion has done little to improve the lot of Ashok Kumar. Parked up and sitting on the kerb, the 25-year-old truck driver is going nowhere fast. He is the sole breadwinner for the 13 people in his extended family and his monthly salary is stuck at $150. With new, better-paid jobs hard to come by, Kumar lacks options. He fears becoming unemployed like his elder brother, who recently returned to their village in Uttar Pradesh after months of searching in vain for work. Data out on Wednesday showed India's economic growth slowed to 7.1 per cent in the quarter to June, a 15-month low. That is faster than other major economies, but not fast enough to create enough new jobs to absorb all the one million people who join the workforce every month. A government survey found that job creation fell by more than two-thirds in 2015. Analysts at HDFC Bank estimate that for every percentage point the economy grows, employment now adds just 0.15 of a percentage point - down from 0.39 in 2000. It's a major challenge for Prime Minister Narendra Modi, who has promised to create 250 million jobs over the next decade. "For one job, there are at least 20 candidates," said Kumar. "If you want the job, you can't afford to bargain." Nearly two-thirds of India's 1.3 billion people are under 35 years old. This rising demographic "bulge" will create the largest working-age population in the world. At the same time China, which has long curbed family size, will age as a society. Whether this so-called demographic dividend will translate into the kind of economic gains seen in Japan and Korea, or lead to upheavals, depends on India's ability to generate jobs. Yet, despite average annual growth of 6.5 per cent between 1991 and 2013, India added less than half the jobs needed to absorb new job seekers. MORE WORKERS, FEWER JOBS Under Modi, India has opened up further to foreign investment, hoping to generate more manufacturing jobs. A loan scheme for small businesses has been set up and there are plans for a $1.5 billion fund for startups. Modi has also launched a programme to train over four million people in different skills in six years. Pronab Sen, country director for the International Growth Centre, a British-backed think tank, said such measures were "laudable", but they aimed at boosting supply when more demand was needed. "India has become a demand-starved economy," Sen said. "If there is no demand, there will be no incentive to produce more which, in turn, will mean no new jobs." The level of desperation for work is staggering. In August, nearly half a million people, including post-graduates, applied for 1,778 jobs as sweepers in the city of Kanpur. This was not a one-off. Last year, in Uttar Pradesh, 2.3 million people sought 368 low-level government jobs that required a primary education and ability to ride a bicycle. Competition for such jobs has become fiercer as the public sector's share in formal employment is declining. Two years of drought has caused distress in farming, while the construction business has suffered a prolonged downturn – making work scarcer in the two sectors that employ the bulk of India's unskilled workforce. Satellite cities around the capital, like Greater Noida were, until recently, bustling with construction activity. Now, Greater Noida's skyline is dotted with half-built, abandoned, high-rises. Cranes and diggers stand idle. In Delhi and the surrounding National Capital Region, housing starts fell 41 per cent year-on-year in the first half of the year, according to consultancy Knight Frank. Across India, starts were down 9 percent from a year earlier. Bhuwan Mahato, a contractor who supplies workers to construction projects around Noida, says demand for labour is down by at least 25 percent. "I wish I hadn't joined this business," said Mahato, a 30-year-old migrant from the state of Bihar. "But, truthfully, there are no other opportunities, either." (Reuters)

Jobs elusive as India clings to fastest-growing economy tag