Union Minister of Commerce and Industry Piyush Goyal has expressed strong confidence in India’s economic trajectory, stating that the country is poised not only to meet but potentially exceed the International Monetary Fund’s (IMF) revised GDP growth estimate of 6.6% for FY2025–26. Speaking at a policy forum in New Delhi on October 15, 2025, Goyal attributed the optimism to robust domestic demand, resilient exports, and accelerated infrastructure investments under the government’s “Viksit Bharat 2047” vision.
The IMF had recently upgraded India’s GDP growth forecast from 6.4% to 6.6%, citing strong fundamentals, a rebound in private consumption, and continued momentum in services and manufacturing. Goyal emphasized that India’s economic resilience is rooted in structural reforms, digital transformation, and supply chain diversification, which have collectively positioned the country as a global growth engine amid geopolitical uncertainties.
🧠 Key Highlights from Piyush Goyal’s Statement on India’s GDP Outlook
| Element | Details |
|---|---|
| Speaker | Piyush Goyal, Union Minister of Commerce & Industry |
| Date | October 15, 2025 |
| IMF GDP Forecast (FY26) | 6.6% (up from 6.4%) |
| Government Outlook | Likely to exceed IMF estimate |
| Growth Drivers | Consumption, exports, infra, digital economy |
| Policy Framework | Viksit Bharat 2047, PLI schemes, Gati Shakti |
Goyal also highlighted India’s expanding role in global value chains, especially in semiconductors, electronics, green energy, and pharmaceuticals.
📊 Timeline of India’s GDP Growth and IMF Revisions
| Year | IMF Estimate (%) | Actual Growth (%) | Key Economic Events |
|---|---|---|---|
| FY2022–23 | 6.8 | 7.2 | Post-COVID recovery, services boom |
| FY2023–24 | 6.1 | 6.9 | Manufacturing revival, export surge |
| FY2024–25 | 6.4 | 6.7 (provisional) | Capex push, rural demand rebound |
| FY2025–26 | 6.6 (revised) | TBD | Infrastructure, digital economy expansion |
The IMF’s upward revision is seen as a vote of confidence in India’s macroeconomic management and fiscal prudence.
🗣️ Reactions from Economists and Industry Leaders
- Chief Economist, SBI: “India’s growth is broad-based and sustainable.”
- CII President: “Private sector investment is gaining momentum.”
- Global Investors: “India remains a top destination for long-term capital.”
| Stakeholder Group | Reaction Summary |
|---|---|
| Policy Think Tanks | Applauding structural reforms |
| MSMEs | Seeking easier credit and compliance |
| Exporters | Benefiting from FTAs and rupee stability |
| Infrastructure Firms | Reporting record order books |
Goyal also pointed to the success of the Production Linked Incentive (PLI) schemes, which have attracted over ₹3.2 lakh crore in committed investments across 14 sectors.
🧾 Sector-Wise Contribution to India’s GDP Growth
| Sector | FY25 Share (%) | FY26 Growth Outlook | Key Drivers |
|---|---|---|---|
| Services | 53 | Strong | IT, fintech, tourism, logistics |
| Manufacturing | 17 | Moderate to strong | PLI, Make in India, FDI inflows |
| Agriculture | 15 | Stable | MSP reforms, agri-tech, exports |
| Construction & Infra | 8 | Strong | Gati Shakti, NIP, housing demand |
| Trade & Retail | 7 | Strong | Urban consumption, e-commerce |
The government is also working on next-gen trade agreements with the EU, UK, and Canada to further boost exports.
🧭 What to Watch in India’s Economic Trajectory
- Union Budget 2026: Expected to focus on green growth and digital skilling
- Monetary Policy: RBI likely to maintain accommodative stance
- Global Headwinds: Oil prices, El Niño, and US-China tensions remain risks
- Employment Trends: Formal job creation and gig economy expansion under review
Goyal concluded by stating, “India’s growth story is not just about numbers—it’s about inclusive, innovation-led development that empowers every citizen.”
Disclaimer
This news content is based on verified government statements, IMF reports, and economic briefings as of October 16, 2025. It is intended for editorial use and public awareness. The information does not constitute financial advice, investment recommendation, or economic forecasting and adheres to ethical journalism standards.
