India's GDP to grow at 7% in FY26: Piyush Goyal
What's the story
Union Commerce Minister Piyush Goyal has expressed confidence that India's GDP will grow at a rate of 7% in the fiscal year 2025-26 (FY26). He made the statement while addressing an India-Israel Summit in Tel Aviv on November 20. Goyal said that the second quarter's GDP, which is yet to be released, will also be around this figure. "I can assure you our second quarter number for GDP is expected soon," he said.
Resilience
Goyal's confidence amid global trade challenges
Goyal's prediction comes despite the ongoing volatility in global trade and multilateralism. He said, "Given the volatility one sees around the world, the challenges that global trade and multilateralism is facing, many estimates of growth for this year came out." The minister was referring to various growth estimates released by international organizations such as the International Monetary Fund (IMF) amid these challenges.
Projections
IMF's growth estimates and India's position
Goyal also highlighted the IMF's initial growth estimate of 6.7% for India, which was later revised down to 6.4%. Other estimates suggested a growth rate close to 6%. However, he remained confident that India would continue to be the fastest-growing economy in the world. "Even then we will continue to be the fastest growing," Goyal said while addressing global economic challenges at the summit.