India’s 7.7 pc GDP growth driven by a decade of economic reforms: Piyush Goyal

New Delhi: Commerce Minister Piyush Goyal on Monday said India’s 7.7 per cent GDP growth reflected sustained policy interventions and economic reforms undertaken by the government over the past decade, which have ensured that the country remains the fastest-growing economy.

“I don’t think any of you would have imagined that last year would close with a GDP growth of 7.7 per cent. This is not an accident, it is a decade of structural reforms,” he said.

The minister launched the BHAVYA portal to accelerate the development of 100 investment-ready industrial parks across India. On May 23, the Department for Promotion of Industry and Internal Trade (DPIIT) released the detailed operational guidelines for the implementation of the Bharat Audyogik Vikas Yojna (BHAVYA) Scheme, which provides for the development of 100 industrial parks over a period of six years from 2026-27 to 2031-32, with a total financial outlay of approximately Rs 33,660 crore.

In the first phase, up to 50 industrial parks will be taken up through a challenge-based competitive selection process. Up to 20 Industrial parks will be selected from the applications received by July 31, and 30 more will be selected from applications received in the subsequent 4 months.

The minister said that the government has been endeavouring with hard work and sincerity to improve the lives of 1.4 billion Indians. Giving them a good quality of life, ease of living and ease of doing business has been at the fulcrum of the government’s efforts towards promoting more and more economic activity, he added.

“More than 250 million people have come out of extreme poverty. Many obsolete laws have been taken off the books, and we have a listening and vigilant government, recognising what, when and where we need to act,” Goyal said.

The minister said that to maintain this momentum, India’s exports rose last year despite the 50 per cent US tariffs and global wars in Ukraine and West Asia.

He further stated that the country attracted record FDI last year despite geopolitical tensions.

“The government has finalised five FTAs in a span of six months. The world is looking up to India as a trusted partner, and all see India as an investment destination, not only for the large-scale demand it generates but also for its young talent and youthful energy. It is an opportunity of a lifetime, and as we conclude 12 years today, we rededicate ourselves to do much more in the future, prepare the nation for the challenges ahead, and continue to work for the people of India,” Goyal added.

IANS