India and Brazil deepen trade ties as leaders highlight agriculture, infrastructure, and logistics growth.
In a strong push to boost bilateral trade and economic cooperation, India and Brazil reaffirmed their partnership at the India–Brazil Business Dialogue held on October 16. Vice President of Brazil Geraldo Alckmin, Minister of Defence José Múcio Monteiro Filho, and India’s Commerce and Industry Minister Piyush Goyal addressed the gathering, underlining agriculture, infrastructure, and trade as key pillars of future growth.
The dialogue coincided with World Food Day, spotlighting the two nations’ shared strengths as major agri-producers and their critical role in global food security. Goyal said, “India–Brazil relations should be as colourful as a carnival and as passionate as football,” expressing optimism for deeper cooperation in agribusiness and food processing.
India’s economic momentum also took center stage, with Goyal announcing a 7.8% GDP growth in Q1, making India the fastest-growing major economy globally for the fourth consecutive year. Backed by USD 700 billion in foreign exchange reserves, India ranks among the top five countries with the strongest forex positions.
Highlighting the government’s growth strategy, Goyal outlined three key pillars:
- Strong macroeconomic fundamentals ensuring stability, low inflation, and robust banking.
- Modern infrastructure, driving competitiveness and lowering logistics costs.
- Improved quality of life through tax reforms, GST simplification, and inclusive development.
He emphasised that investments in infrastructure not only boost trade efficiency but also expand business and job opportunities. India’s ambition to become a USD 30–35 trillion economy by 2047 was reiterated, supported by ease-of-doing-business reforms and global trade partnerships.
The minister noted that the IMF recently revised India’s 2025 growth projection to 6.6%, reflecting investor confidence and economic resilience. He also highlighted that 250 million Indians have been lifted out of poverty in the last 12 years, creating a strong consumption-driven middle class.
Goyal reaffirmed India’s commitment to expanding trade and investment through Free Trade Agreements with advanced and emerging economies, including Brazil. Quoting Brazilian President Luiz Inácio Lula da Silva, he said, “No one can reap the fruit before planting the trees,” underscoring the long-term vision of the partnership.
The India–Brazil Dialogue sets the stage for stronger EXIM and logistics collaborations, particularly in agriculture and infrastructure, reinforcing India’s position as a key player in global trade.
Soucre: PIB
