India Set to Outshine IMF Predictions: Union Minister Piyush Goyal Highlights Promising GDP Growth

Piyush Goyal, India’s Minister of Commerce and Industry, recently shared promising news about the country’s economy. The International Monetary Fund (IMF) has raised its growth forecast for India from 6.4% to 6.6% for this year. This change suggests that India’s economy is getting stronger, thanks to increased consumer spending, higher investments in infrastructure, and a more confident business environment.

Goyal attributes much of this growth to the government’s efforts, including cuts to Goods and Services Tax (GST) rates. These changes have not only boosted consumer spending but also led to more revenue from GST. With a reported 7.8% GDP growth in the first quarter, India is not just on track to meet these estimates but may even surpass them, solidifying its standing as one of the fastest-growing economies in the world.

At the recent Indian Chemicals and Petrochemical Conclave 2025, Goyal emphasized the importance of this sector in nation-building. He pointed out that the chemicals and petrochemicals industry affects daily life, playing a critical role in everything from agriculture to healthcare. Goyal called on industry leaders to set ambitious targets, aiming for this industry to reach a value of USD 1 trillion by 2040. This goal aligns with India’s larger vision of becoming a USD 35 trillion economy by 2047.

According to a report by the Confederation of Indian Industry (CII), the chemical sector is projected to reach USD 400-450 billion by 2030 and potentially USD 850-1,000 billion by 2040. This growth is largely driven by domestic demand, advancements in technology, and global supply chain changes. Currently, the sector contributes about 7% to India’s GDP and 14% of industrial output.

Trade and technology partnerships were highlighted as key to enhancing the sector’s global competitiveness. The rise of Free Trade Agreements (FTAs) presents opportunities for strengthening the ecosystem for research and development, enabling India to become more resilient in the global market.

Goyal also noted that recent policy reforms are creating a clearer and more responsive regulatory framework for the industry. Initiatives like the Production Linked Incentive (PLI) scheme and the National Logistics Policy are designed to bolster the competitiveness of the chemical sector, reinforcing its role in India’s broader manufacturing landscape.

As Goyal pointed out, countries that invest in innovation and research reap significant benefits. Even traditional powerhouses in oil are shifting towards renewable energy, recognizing that sustainability is crucial for future growth.

In summary, India’s economic outlook appears bright, driven by strategic policy changes and a robust chemicals sector. With ambitious goals and a focus on innovation, India is on a promising path toward a developed future.



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Piyush goyal, Viksit bharat, Pm modi, Gdp growth, Gst rates, Global economy, Pm gati shakti, Self-reliance, Petrochemicals