Indian Prime Minister Narendra Modi stated that India's 7.8% economic growth in the last quarter is a significant source of confidence and new opportunities for the world. This declaration came during wide-ranging talks with Belgian Prime Minister Bart De Wever on September 3, 2026, in New Delhi. Modi emphasized that India's economy has maintained its momentum despite global uncertainties, conflicts, and disruptions to food, fuel, and supply chains.
The discussion highlighted that India's GDP grew 7.8% in the April-June quarter of 2026-27, surpassing forecasts and positioning India among the fastest-growing major economies globally. This strong performance, outstripping the median estimate of 7.3% in a Bloomberg survey and the Reserve Bank of India’s 7% forecast, has led to expectations of a potential interest rate hike later in the year. World Bank Executive Director Neelkanth Mishra also supported India's growth trajectory, citing high-frequency indicators.
During their meeting, Modi and De Wever agreed to expand cooperation in various sectors, including trade, defense, critical minerals, clean energy, and emerging technologies. Key agreements included enhancing military exchanges and training, facilitating defense co-development and co-production, and strengthening intelligence sharing. An MoU on renewable energy was signed, and both leaders highlighted collaboration opportunities in critical minerals (processing and recycling) and semiconductors, leveraging Belgium's expertise and India's scale.
Bilateral trade between India and Belgium reached $13.01 billion in 2025-26, with significant contributions from the diamond trade. Belgian foreign direct investment (FDI) into India amounted to approximately $4.2 billion between April 2000 and December 2025. The establishment of a new ministerial-level strategic dialogue in July further solidified their political engagement, aiming to advance bilateral cooperation and address regional and global issues.
