The International Monetary Fund’s (IMF) recent upward revision of India’s growth projection to 6.6 percent for 2025 from its earlier estimate of 6.4 percent is evidence of the country’s economic resilience and strong fundamentals, Union minister for commerce and industry Piyush Goyal said on Wednesday.
The IMF attributed the upward revision to resilient domestic demand, robust service exports, and the carryover effect from the strong start to the fiscal year. India’s economy expanded 7.8 percent in the first quarter of FY26—the fastest pace in over a year—and is likely to log around 7 percent growth in the second quarter as well.
"Government's policies are aimed at ensuring balanced growth that benefits all sections of society, strengthens the domestic economy, and positions India prominently on the global stage. Great and advanced nations achieve their status through a focus on technology and innovation. India must follow this path to attain its developmental goals," Goyal said at the 7th Indian Chemicals and Petrochemicals Conference conducted by CII in Delhi.
The minister said the chemical and petrochemical sector has wide-ranging applications and influence across multiple industries, including agriculture, healthcare, infrastructure, construction, energy, and mobility. He urged industry leaders to carefully assess their strengths and identify areas where India can gain a competitive advantage globally.
"There is a need for the sector to aim for leadership in international trade by increasing India’s share in global exports and moving beyond the current modest contributions. Supply chain resilience and diversification is equally important now. Reliance on a single supplier or a limited number of countries can create vulnerabilities," he said, while adding that certain products may require domestic protection to ensure self-reliance and secure supply chains.
Goyal reiterated India’s strategic approach of integrating with global economies while ensuring that domestic industries remain competitive. He said for India to become an advanced economy, it is essential to engage actively with international markets, explore opportunities for trade, and attract investment, while at the same time maintaining a balance between global integration and domestic industry protection.
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