(MENAFN- IANS) New Delhi, Oct 16 (IANS) Commerce and Industry Minister Piyush Goyal on Thursday highlighted India's strong economic growth and deepening bilateral partnership with Brazil, India would continue GDP growth momentum for at least the next two decades.

Addressing the India-Brazil Business Dialogue here, Goyal expressed gratitude to the Vice President of Brazil, Geraldo Alckmin, and Defence Minister Jose Mucio Monteiro Filho for their participation, describing their visit as a reflection of the strong commitment of both nations to deepen their strategic and economic ties.

Quoting Prime Minister Narendra Modi, Goyal said that India-Brazil relations should be“as colourful as a carnival and as passionate as football.”

He also appreciated Brazil for including yoga and Ayurveda in its healthcare systems, noting that traditional knowledge and wellness practices can further strengthen cultural and health cooperation between the two nations.

The minister noted that India's GDP grew by 7.8 per cent 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.

With $700 billion in foreign exchange reserves, India is among the top five countries globally in terms of forex strength.

Goyal emphasised that these strong macroeconomic fundamentals provide the threshold for the country to pursue ambitious growth targets and accelerate its development journey.

Referring to the recent statement by the IMF Chief praising India's bold reforms, Goyal highlighted that the IMF has revised India's growth projection for 2025 upward from 6.4 per cent to 6.6 per cent.

He noted that in the last 12 years, 250 million Indians have been lifted out of poverty, creating a strong and aspirational middle class that now drives the nation's consumption and growth story.

The Minister emphasised 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.

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