Economy
Piyush Goyal said global rating agencies have been unfair to India and also discussed trade and economic growth with UK industry leaders.
Commerce and Industry Minister Piyush Goyal has called for transformational economic growth and encouraged industry leaders to explore new and untapped opportunities, saying that the world believes India is capable of delivering strong results. During his visit to the United Kingdom, the Union Minister addressed a Business Plenary Session where he engaged with global industry leaders and stakeholders on trade, investment, and broader economic expansion. He stressed the importance of strengthening India’s export presence in the UK, noting significant untapped potential for increasing market share.
Goyal also pointed to the upcoming implementation of the India–UK Comprehensive Economic and Trade Agreement (CETA), set to come into effect on July 15, as a key opportunity to deepen bilateral economic ties. He emphasized that collaboration and partnerships are essential to accelerating growth and achieving long-term economic goals.
Urging a more ambitious outlook, he said countries should aim beyond modest growth targets and avoid becoming complacent with routine progress. According to him, anything less than transformational expansion would fall short of the global trust placed in India’s economic capabilities. He further remarked that global trade growth typically remains in the range of 4–6%, adding that India must aim higher if it wants to fully realize its potential and meet global expectations.
The Minister also criticized international credit rating agencies such as Fitch, Moody’s, and S&P, saying they have not fairly reflected India’s economic strength or growth trajectory. While avoiding attributing intent, he expressed surprise at their assessments compared to those given to some weaker economies.
Praising the work of CareEdge Ratings, he said the agency had taken a more objective approach and highlighted inconsistencies in global rating practices. He added that recent revisions aligning multiple country ratings with CareEdge findings were a matter of pride for India and supported efforts toward more balanced global credit assessments.
