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BUSINESS & TRADE JUNE 27, 2025 | The Indian Eye 36

Unlocking India’s Growth: Government

Push Meets Private Sector Vision

As India chases its ambition of becoming a developed nation by 2047, the government’s

strategic policy shifts and the private sector’s demand for deeper transformation are

converging to shape the future of the Indian growth story

OUR BUREAU

London/Mumbai
ndia is at an economic inflection
point. With the goal of becom-
Iing a developed nation—Viksit
Bharat—by 2047, the government
is aggressively pursuing reforms to
stimulate investment, innovation, and
inclusive development. At the same
time, corporate leaders are calling for
a broader, more decentralized trans-
formation to unlock the full poten-
tial of India’s 1.4 billion people. The
conversation between the state and
the private sector is no longer about
whether growth is possible, but how to
make it more dynamic, inclusive, and
sustainable.
At the India Global Forum (IGF)
2025 in London, Union Minister for
Commerce and Industry Piyush Goyal
laid out the government’s economic vi- Union Minister of Commerce and Industry Piyush Goyal speaks during an interaction with Sir Ian Blatchford, Director & Chief Executive
sion following the landmark India-UK
Free Trade Agreement (FTA) signed of the Science Museum Group, at the Future Frontiers Forum, in London on Thursday (@PiyushGoyal X/ANI Photo)
in May. In a keynote session titled
“From Agreement to Action,” Goyal deeper structural reforms within In- flagship programs such as Make in On the other hand, the private
emphasized that the FTA is more than dia. Speaking at the Chintan Research India, PLI schemes, and investments sector is asking important questions
a trade deal—it represents India’s Foundation’s (CRF) foundation day in digital public infrastructure. Yet, about how growth is distributed and
evolving global economic identity. in New Delhi, Pranav Adani, Direc- as Adani’s remarks suggest, regional how policy is shaped. As companies
“The agreement demonstrates tor of Adani Enterprises, called for a diversity must be matched with policy like Adani Group expand into com-
India’s capacity to shape future-ready “scale of transformation” to realize In- attention and ground-level data. plex infrastructure and energy sectors,
trade frameworks that protect our na- dia’s full potential. Adani also emphasized the need they are demanding more granular,
tional interest while driving interna- “Half of the economy is actively for Indian policy think tanks to proj- data-driven policymaking that reflects
tional partnerships,” Goyal said. The contributing to growth, while the oth- ect India’s development story beyond India’s regional heterogeneity.
FTA is designed to enhance bilateral er half remains passive,” Adani noted. its borders, especially as nations of the Ultimately, India’s path to becom-
trade while unlocking key areas such “To truly unlock India’s potential, that Global South look for replicable mod- ing a $10 trillion economy will depend
as startup support, SME participation, dormant 50% must be engaged. That’s els of inclusive growth. “As the Global on how effectively both the top-down
professional mobility, and innovation where the real growth story lies.” South rises, we must offer policy nar- policies and bottom-up initiatives can
exchange. Adani underscored the need for ratives to other developing countries be synchronized. The government
Speaking at a parallel session on inclusivity and regional participation, based on our own growth experienc- must continue forging global part-
science, technology, and innovation, urging institutions like CRF to decen- es,” he said. nerships and investing in future-ready
Goyal pointed to sectors like fintech, tralize research and policy conversa- The synergy between India’s in- infrastructure, while simultaneously
sustainable manufacturing, and green tions. “India is not just one city or one ternational economic diplomacy and enabling private enterprise and local
technologies as central to India’s next region. It’s a chorus of diverse voices. its domestic reform agenda is key to institutions to amplify innovation at
growth chapter. Flagship initiatives We must reach out to places like Ran- unlocking long-term growth. The In- the grassroots.
like UPI and CoWIN, he noted, are chi, Raipur, Bhubaneswar, and the dia-UK FTA, as Goyal outlined, is just The message from London to
not only transforming Indian lives northeast. Only then will our policy one of several strategic moves. The New Delhi is clear: India’s growth
but are also ready for global scaling truly reflect the aspirations of our en- agreement not only facilitates smoother engine has multiple cylinders—gov-
through bilateral cooperation. tire nation,” he said. goods and services trade but also paves ernment policy, private enterprise,
Complementing the govern- This call for decentralization the way for enhanced cooperation in regional inclusion, and global integra-
ment’s international strategy, business aligns with the government’s push critical technologies, defense produc- tion. For Viksit Bharat to become re-
leaders are reinforcing the need for for bottom-up growth, supported by tion, and advanced manufacturing. ality, all of them must fire in harmony.

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