The India-Brazil Business Dialogue that took place in New Delhi on Thursday, focused on deepening India’s bilateral partnership with Brazil, a fellow BRICS member.
Attended by India’s Union Minister for Commerce and Industry, Piyush Goyal, Vice President of Brazil, Geraldo Alckmin, and the Minister of Defense, José Múcio Monteiro Filho, among others, the event also marked World Food Day, which further highlighted the two agri-producing nations, India and Brazil’s, contribution to global food security.
Expressing optimism about the dialogue leading to greater collaboration between India and Brazil in agriculture and food processing, Goyal quoted Prime Minister Narendra Modi when he said that India-Brazil relations should be “as colourful as a carnival and as passionate as football.”
Underscoring Prime Minister Modi’s leadership in paving India’s growth story, Goyal said the country’s GDP grew by 7.8 per cent in the first quarter of the current fiscal because of the creation of robust macroeconomic fundamentals such as a strong banking system, low inflation, and consistent growth.
The Union minister said India is the fastest-growing economy in the world for the past four years, and its growth momentum would continue unabated for “at least the next two decades”.
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With USD 700 billion in foreign exchange reserves, India is among the top five countries globally in terms of forex strength, he further stated.
“Good infrastructure is the foundation of competitiveness and a driver of equitable growth across India. Investments in infrastructure not only improve connectivity and reduce logistics costs, but also strengthen India’s ability to expand businesses and create jobs,” Goyal said.
India’s welfare and infrastructure investments, he added, are working in tandem to create a more inclusive and sustainable economy so that every citizen has access to food, housing, education, healthcare, electricity, digital connectivity, and clean water.
Noting the government’s recent Goods and Services Tax (GST) system overhaul, the commerce minister said income tax burden on the middle class had been reduced and ease-of-business enhanced.
Bringing greater spending capacity, the reforms have ensured better quality of life for people, he said.
Referring to the recent statement by the IMF chief, Kristalina Georgieva, praising India’s bold economic reforms, the minister said the International Monetary Fund (IMF) had revised India’s growth projection for 2025 upward from 6.4 percent to 6.6 percent because of a growth in the nation’s consumption and growth.
Goyal said India is now positioned to become the world’s third-largest economy in the near future, aiming for a USD 30-35 trillion economy by 2047.
Appreciating Brazil for including yoga and Ayurveda in its healthcare systems, the minister said traditional knowledge and wellness practices can further strengthen cultural and health cooperation between the two nations.
He also reaffirmed India’s commitment to expansion of trade and investment partnerships through Free Trade Agreements with advanced and emerging economies like Brazil.
Quoting Brazilian President Luiz Inácio Lula da Silva, Goyal said: “No one can reap the fruit before planting the trees.” Since India had planted the seeds of long-term growth and partnership with Brazil, friendship between the two nations will yield lasting prosperity for both nations, he added.
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