Commerce and Industry Minister Piyush Goyal on Monday, 8 June attributed India's 7.7 per cent GDP growth to a sustained decade of structural reforms, asserting that the country remains the world's fastest-growing major economy. Speaking at the launch of the BHAVYA portal in New Delhi, Goyal said the outcome was the product of deliberate policy — not circumstance.

'I don't think any of you would have imagined that last year would close with a GDP growth of 7.7 per cent. This is not an accident, it is a decade of structural reforms,' he said.

BHAVYA Scheme: 100 Industrial Parks in Six Years

The minister launched the BHAVYA portal to fast-track the development of 100 investment-ready industrial parks across India. The scheme — formally titled the Bharat Audyogik Vikas Yojna (BHAVYA) — was operationalised by the Department for Promotion of Industry and Internal Trade (DPIIT) on 23 May, with a total financial outlay of approximately ₹33,660 crore spread over six years from 2026-27 to 2031-32.

In the first phase, up to 50 industrial parks will be selected through a challenge-based competitive process. Up to 20 parks will be chosen from applications received by 31 July, with 30 more to follow from submissions in the subsequent four months.

Key Economic Milestones Cited

Goyal pointed to several indicators as evidence of policy effectiveness. He said India's exports grew last year despite 50 per cent US tariffs and active conflict in Ukraine and West Asia. The country also reportedly attracted record foreign direct investment (FDI) amid elevated geopolitical tensions.

The government has finalised five Free Trade Agreements (FTAs) within a span of six months, according to Goyal, positioning India as a trusted global trade partner. He also noted that more than 250 million people have been lifted out of extreme poverty, and that numerous obsolete laws have been repealed.

What the Government Said

'The world is looking up to India as a trusted partner, and all see India as an investment destination, not only for the large-scale demand it generates but also for its young talent and youthful energy,' Goyal said. He added that India's appeal stems from both its consumer base and its demographic dividend.

The minister framed the occasion — marking 12 years of the current government — as a moment of rededication: 'It is an opportunity of a lifetime, and as we conclude 12 years today, we rededicate ourselves to do much more in the future, prepare the nation for the challenges ahead, and continue to work for the people of India.'

Broader Context and What's Next

The BHAVYA scheme arrives as India seeks to raise its manufacturing share of GDP, which has remained stubbornly below targets despite successive industrial programmes. The challenge-based selection model for industrial parks is designed to introduce competitive accountability — a structural feature notably absent from earlier land-bank-driven approaches. With the 31 July application deadline approaching for the first tranche of parks, state governments and private developers are expected to move quickly to secure allocations.