‘This Whole Web Of Infrastructure Is Going To Guarantee That Every Citizen Of Mumbai Can Commute From Home To Work In Less Than One Hour’: Piyush Goyal Says At Global Fintech Fest 2025

Union Minister of Commerce and Industry Piyush Goyal hailed Mumbai’s burgeoning infrastructure as a global benchmark during his address at the Global Fintech Fest 2025, emphasising how these developments are propelling India’s economic ascent. Speaking at the Jio World Convention Centre amid the world’s largest fintech gathering, Goyal underscored the city’s role in fostering seamless urban mobility, declaring, “This whole web of infrastructure is going to guarantee that every citizen of Mumbai can commute from home to work (or anywhere in the city) in less than one hour. This kind of infrastructure, I don’t think you can find anywhere in the world.”

Goyal’s remarks came hours before Prime Minister Narendra Modi was set to inaugurate the world-class Navi Mumbai International Airport later that evening, a project poised to alleviate congestion at the existing Chhatrapati Shivaji Maharaj International Airport and boost regional connectivity. “Honorable Prime Minister Narendra Modi is going to inaugurate the Navi Mumbai airport in a couple of hours. It is world class,” Goyal announced, highlighting its strategic importance for India’s aviation ecosystem.

He also spotlighted ongoing and imminent launches, including the Colaba-Worli metro line, which would soon extend to Sahar and Andheri, enhancing public transport efficiency. The Coastal Road, already operational and visible to attendees, is being expanded northward beyond North Mumbai to Vasai, Mira Bhayandar, and Virar. Goyal detailed ambitious tunneling projects, such as the twin tunnels linking Mumbai’s west to east under the Sanjay Gandhi National Park and Aarey Milk Colony, alongside the recently opened Atal Setu bridge. These initiatives, he argued, collectively form a transformative network redefining urban living in the financial capital.

Tying Mumbai’s progress to broader national ambitions, Goyal linked infrastructure to India’s fintech-driven growth. He noted that “Viksit Bharat cannot happen without the adoption of technology,” positioning the sector at the forefront of the country’s economic surge. India, he reminded the audience, has evolved from a $300 billion economy three decades ago to a $4 trillion powerhouse today—the world’s fourth largest—and is on track to become the third largest soon. “We aspire to be a 32 trillion dollar economy by 2047,” Goyal said, adding that “our friends from the finance world can quickly do the math, and you can see that we are well in the realm of possibility to do it.”

Despite global tariff challenges, Goyal cited latest WTO figures showing India in “positive territory both in goods and in services,” with an aggregate export growth of 4-5 percent over the last six months. He credited strong macroeconomic fundamentals, a focus on infrastructure development, consumption-led growth, high-quality empowerment of customers, and low taxes for this momentum. “Having big aspirations is what defines India,” he affirmed, with the fintech economy leading the charge.

The minister’s vision aligns with the event’s theme of empowering finance through AI, where technology and trust intersect to fuel progress. “Trust is the only currency that never depreciated, it only appreciates,” Goyal remarked, underscoring the bedrock of India’s fintech success. “India is doubling its GDP every 7-8 years… The government is taking massive steps to promote the domestic economy built upon infrastructure development and consumption led growth… We have strong macroeconomics fundamentals, we have a focus on empowering customers with high quality and low taxes.”

As the three-day Global Fintech Fest continues, anticipation builds for tomorrow’s high-profile addresses by Prime Minister Narendra Modi and UK Prime Minister Keir Starmer on October 9, who will share insights on global fintech collaborations and innovation