Minister seeks deepening partnership with Brazil
Minister of Commerce and Industry Piyush Goyal has expressed optimism that the ongoing India-Brazil dialogue would lead to greater collaboration in agri-business and food processing https://www.commerce.gov.in/.
Marking World Food Day, the Minister highlighted the shared agricultural strengths of India and Brazil—two leading agri-producing nations that contribute significantly to global food security.
Goyal addressed the India–Brazil Business Dialogue on 16 Oct, highlighting India’s strong economic growth and deepening bilateral partnership with Brazil https://www.bseindia.com/.
He expressed gratitude to the Vice President of Brazil, Geraldo Alckmin, and the Minister of Defense, José Múcio Monteiro Filho, for their participation, which is a reflection of the strong commitment of both nations to deepen their strategic and economic ties.
He pointed out that India’s GDP grew by 7.8 percent in the first quarter, making it the fastest-growing large economy in the world for the past four years. The Minister expressed confidence that India would continue this momentum for at least the next two decades https://www.nseindia.com/.
Goyal underlined India’s growth story which rests on three strong pillars https://fieo.org/.
The first pillar, he said, is the creation of robust macroeconomic fundamentals. The Government has maintained low inflation, ensured consistent growth, fortified the banking system, and built one of the strongest foreign exchange reserve positions in the world. With US$700 billion in foreign exchange reserves, India is among the top five countries globally in terms of forex strength. Goyal emphasized that these strong macroeconomic fundamentals provide the threshold for the country to pursue ambitious growth targets and accelerate its development journey.
The second pillar, Goyal noted, focuses on taking modern, high-quality infrastructure to the remotest corners of the country. He said that good infrastructure is the foundation of competitiveness and a driver of equitable growth across India. Investments in infrastructure, he emphasized, not only improve connectivity and reduce logistics costs but also strengthen India’s ability to expand businesses and create jobs. These investments provide opportunities for young men and women to contribute to nation-building, support entrepreneurs and start-ups, and open new avenues for business and innovation. Goyal underlined that infrastructure development has been one of the major focus areas of the Government over the last decade.
The third pillar of India’s growth story, the Minister said, is focused on improving the quality of life for the people. He noted that the Government has reduced the income tax burden on the middle class and simplified the Goods and Services Tax (GST) system to make business processes easier. The recent GST reforms, activated on 22nd September, have significantly reduced tax rates and improved compliance. Goyal highlighted that these measures enable citizens to have greater spending capacity and a better quality of life for their families. He emphasized that the Government’s continued efforts aim to ensure that every individual benefits from economic growth and that development remains inclusive and broad-based https://sbi.com.in/.
Referring to the recent statement by the IMF Chief praising India’s bold reforms, the Minister highlighted that the IMF has revised India’s growth projection for 2025 upward from 6.4 percent to 6.6 percent.
The Minister emphasized that India’s welfare and infrastructure investments are working in tandem to create a more inclusive and sustainable economy—ensuring that every citizen has access to food, housing, education, healthcare, electricity, digital connectivity, and clean water.
He reiterated the government’s commitment to structural reforms, ease of doing business, and reducing compliance burdens. He said these efforts have strengthened investor confidence and positioned India to become the world’s third-largest economy in the near future, aiming for a US$30–35 trillion economy by 2047.
Goyal underscored that India’s mission to become a developed nation by 2047 is being powered by the collective resolve of 1.4 billion citizens. He reaffirmed India’s commitment to inclusive growth, global cooperation, and expansion of trade and investment partnerships through Free Trade Agreements with advanced and emerging economies alike.
Concluding his address, the Minister quoted Brazilian President Luiz Inácio Lula da Silva, saying, “No one can reap the fruit before planting the trees.” He remarked that India has planted the seeds of long-term growth and partnership, and expressed confidence that the friendship between India and Brazil will yield lasting prosperity for both nations.
Meanwhile, Alckmin and Goyal have welcomed the interest of both India and the MERCOSUR Member States in deepening their existing Preferential Trade Agreement, with a view to promoting trade and investment between the Parties.
Recalling the Framework Agreement signed between India and MERCOSUR on 17 June 2003 with the aim of strengthening relations and promoting the expansion of trade in conformity with the rules and disciplines of WTO.
They agreed that:
the expansion of the Agreement should be substantial, aiming for a significant share of bilateral trade to benefit from tariff preferences;
the expansion of the Agreement should cover both tariff and non-tariff issues related to trade and economic partnership;
the active participation of the private sector and other stakeholders to support the negotiation process should be promoted;
the next step in this initiative should be the establishment of a technical dialogue between the Parties, including the holding of a meeting of the Joint Administration Committee created under Article 23 of the PTA at the earliest mutually convenient date, with a view to defining the scope of the expansion;
parties should endeavour to conclude the negotiations within one year from the launch of negotiations.
In addition, the Brazilian side indicated that it will work in a coordinated manner with its MERCOSUR partners towards a substantial, swift, and mutually beneficial deepening of the Agreement. Fiinews.com
