New Delhi, Oct. 17 -- India's growth story under the leadership of Prime Minister Narendra Modi rests on three strong pillars - strong macroeconomic fundamentals, modern infrastructure, and improved quality of life, Union commerce and industry minister Piyush Goyal said on Thursday. Speaking about the first pillar, he said the government has maintained low inflation, ensured consistent growth, fortified the banking system, and built one of the strongest foreign exchange reserve positions in the world. With $700 billion in foreign exchange reserves, India is among the top five countries globally in terms of forex strength, Goyal said while addressing the India-Brazil Business Dialogue in New Delhi. These strong macroeconomic fundamentals provide the threshold for the country to pursue ambitious growth targets and accelerate its development journey, he said. The meeting was attended by Brazil's Vice President Geraldo Alckmin and defence minister Jose Mucio Monteiro Filho. According to latest government data, India's retail inflation rate fell to 1.54% in September 2025, an eight-year low. Its real gross domestic product (GDP) growth rose to a five-quarter high of 7.8% in April-June quarter of 2025-26. The International Monetary Fund (IMF) raised India's growth forecast by 0.2 percentage points to 6.6% for FY26, acknowledging its strong growth momentum despite high US tariffs on Indian merchandise. Goyal said India is the fastest-growing large economy in the world for the past four years and expressed confidence that India would continue this momentum for at least the next two decades. The second pillar, according to Goyal, is the good infrastructure, which is the "foundation of competitiveness and a driver of equitable growth" across India. Investments in infrastructure not only improve connectivity and reduce logistics costs but also strengthen India's ability to expand businesses and create jobs, he said. These investments provide opportunities for young men and women to contribute to nation-building, support entrepreneurs and start-ups, and open new avenues for business and innovation, he added. The third pillar of India's growth story is to focus on improving the quality of life for the people, Goyal said. The government has reduced the income-tax burden on the middle class and simplified the Goods and Services Tax (GST) system to make business processes easier, he said. The GST rate rationalisation on September 22 has significantly reduced tax rates, improved compliance and spur economic growth. Goyal said these measures enable citizens to have greater spending capacity and a better quality of life for their families. He emphasised that the government's continued efforts aim to ensure that every individual benefits from economic growth and that development remains inclusive and broad-based. Referring to the IMF chief's remarks on India's bold reforms, Goyal said in the last 12 years, 250 million Indians have been lifted out of poverty, creating a strong and aspirational middle class that now drives the nation's consumption and growth story....