NEW DELHI – Commerce and Industry Minister Piyush Goyal affirmed on Saturday that the Indian economy continues to exhibit strong fundamentals and remarkable resilience amidst global challenges. Speaking to reporters, Goyal highlighted robust growth in both exports and gross foreign direct investments (FDI) as key indicators of the nation's economic health.
Robust Growth and Investment
Goyal stated that India's merchandise exports saw a significant increase, growing by 13.78% in April 2026 to reach $43.56 billion, up from $38.28 billion in April 2025, despite ongoing geopolitical tensions in West Asia. He also pointed to a record $95 billion in gross foreign direct investment inflows into India during the last fiscal year, expressing optimism for continued growth due to the country's appeal as a preferred global investment destination.
The minister also noted the government's efforts to mitigate economic pressures on citizens, including absorbing substantial costs related to elevated fertiliser prices, ensuring these were not passed on to farmers.
Addressing Economic Challenges and Policy Initiatives
Regarding the recent depreciation of the Indian rupee against the US dollar, Goyal clarified that the government does not intervene in exchange rates, attributing currency fluctuations to market forces and broader global factors.
The government is actively implementing various measures to control the current account deficit (CAD). These initiatives include promoting local domestic manufacturing, encouraging both domestic and foreign investments, and engaging with industry stakeholders on import substitution strategies. Goyal mentioned recent meetings with industry chambers, focusing on sectors with high imports like electronics and chemicals, which also hold significant export potential.
He underscored India's growing self-confidence and commitment to self-reliance, engaging with the world on equal terms. This approach, he said, is reflected in the nine free trade agreements India has signed recently and Prime Minister Narendra Modi's successful international tours.
Launch of BHAVYA Scheme for Industrial Parks
In a significant move to enhance the ease of doing business and boost industrial development, Minister Goyal officially launched the guidelines for the Bharat Audyogik Vikas Yojna (BHAVYA) scheme. This ambitious initiative aims to establish 100 investment-ready "plug and play" industrial parks across the country.
- The Union Cabinet approved the BHAVYA scheme on March 18, allocating a budget of Rs 33,660 crore.
- In its initial phase, the government plans to invite applications for 20 industrial parks within the next two months, followed by another 30 parks in the subsequent two months, targeting 50 applications in total within four months.
- The scheme will be implemented through partnerships with state governments and private sector entities, with the goal of making these parks operational within the next three years.
Goyal indicated strong interest from various states, noting that the newly formed government in West Bengal, led by Chief Minister Suvendu Adhikari, has already expressed keenness to participate in the BHAVYA scheme.