Davos: India’s reform momentum remains strong, underpinned by deep structural changes and policy stability that are positioning the country as a high-growth and globally trusted investment destination, Union minister Ashwini Vaishnaw said on Thursday on the sidelines of the World Economic Forum annual meeting at Davos.
Speaking on Day 2 of the event, the minister said landmark reforms in areas such as labour laws, Goods and Services Tax simplification, the energy sector and the opening up of nuclear energy to private players have significantly boosted investor confidence. He added that the reform process is continuous and spans all major sectors of the economy.
Vaishnaw said global companies are increasingly expanding their commitments to India, pointing to IKEA’s plans to double investments and Qualcomm’s decision to significantly scale up its workforce in the country. “Across sectors, investors are viewing this as an opportune time to invest in India,” he said.
Highlighting macroeconomic fundamentals, the minister said India is currently the fastest-growing major economy globally, with a consistent growth trajectory of 6–8% projected over the next five years. He noted that the combination of moderate inflation and high growth reflects the economic transformation achieved over the past decade.
Against a backdrop of global geopolitical and economic uncertainty, Vaishnaw emphasised the need to strengthen internal capabilities to enhance resilience. He said the government is focused on building foundational capabilities across semiconductors, artificial intelligence, defence manufacturing and advanced technologies to mitigate external shocks.
The minister said global perception of India at Davos has been overwhelmingly positive, with a broad consensus emerging that India’s rise to become the world’s third-largest economy is now a question of timing rather than possibility.
He also highlighted India’s inclusive growth model, citing initiatives such as the opening of over 54 crore Jan Dhan bank accounts and food security coverage for more than 80 crore beneficiaries, which have helped ensure that economic growth reaches the last mile.
Vaishnaw said the scale and impact of India’s growth and reform story are being widely recognised by global policymakers and investors at Davos, reinforcing confidence in the country’s long-term economic prospects.