Commerce Minister says India’s next phase of growth must be driven by perfection, purpose, confidence and courage
By Desk
Union Commerce and Industry Minister Piyush Goyal has called upon Indian businesses to increase investment in research, deep technology, workforce skills and manufacturing quality to compete more effectively in global markets.
Mumbai : Union Commerce and Industry Minister Piyush Goyal on Thursday urged Indian businesses to increase investment in research, technology, skills and manufacturing quality as the country seeks to strengthen its position in global markets. Addressing the 22nd J.R.D. Tata Memorial Lecture organised by the Associated Chambers of Commerce and Industry of India, Goyal said India’s next growth phase should be anchored in four principles—perfection, purpose, confidence and courage.
He called upon companies to make “Made in India” a globally recognised mark of quality and to reinvest in research and development, capacity building and workforce skilling. Goyal said Indian industry must also make effective use of opportunities emerging from the country’s expanding network of Free Trade Agreements. Greater competitiveness, he said, would require businesses to improve product standards, adopt new technologies and build capabilities that can withstand global competition.
Highlighting the importance of emerging sectors, the minister identified artificial intelligence, semiconductors, quantum computing, biotechnology and space technology as critical areas for India’s future economic growth. He urged established companies to support the country’s startup ecosystem and promote innovation-led growth rather than relying only on conventional business models.
According to Goyal, reforms undertaken over the past decade in infrastructure, digital governance and ease of doing business have created a more enabling environment for enterprise and investment. However, he said the next stage would depend significantly on the willingness of industry to take risks, innovate and pursue excellence.
Referring to industrialist J.R.D. Tata’s contribution to institution-building, Goyal said his leadership had helped create confidence in a young nation and demonstrated how businesses could contribute to national development beyond commercial expansion. “J.R.D. Tata not only built iconic institutions across aviation, technology, automobiles and consumer goods, but also inspired generations of entrepreneurs to dream big and pursue excellence,” the minister said. Goyal said the values of self-reliance, innovation and institution-building remained relevant as India pursued its goal of becoming a developed economy by 2047.
The lecture brought together representatives from government, industry and entrepreneurship to discuss manufacturing, technology, sustainability, competitiveness and India’s long-term development strategy.
