New Delhi, Nov 28 Union Minister of Commerce and Industry Piyush Goyal on Friday called for stronger research and development (R&D) frameworks and industry participation in it, stressing that global companies have committed $100 billion worth of investments in India.
At the Federation of Indian Chambers of Commerce and Industry’s 98th anniversary celebration, the Union Minister underscored India’s unwavering commitment to self-reliance, innovation and youth-driven growth.
He called the industry body a symbol of "India’s independence struggle and industrial strength,” adding that FICCI’s journey mirrors India’s own economic evolution.
Goyal stressed the need for self-reliance and linked its pursuit to India’s civilisational roots, Mahatma Gandhi’s economic philosophy, and Bhagavad Gita quote, “One must elevate oneself by oneself.
"We are the architects of our own future," he said adding that this philosophy guides India’s pursuit of ‘New Bharat’.
Goyal highlighted Prime Minister Narendra Modi’s governance style, which places economic progress, national security and self-reliance at the core of policymaking.
“Good economics is good politics,” he said, noting that India has emerged as the world’s fastest-growing major economy despite global uncertainties.
Highlighting India’s manufacturing push, Goyal cited plans by global companies amounting to nearly $100 billion in investments and stressed the need to move away from a “protectionist mindset” toward embracing competition, innovation and high-quality standards.
He called for stronger research and development frameworks and highlighted the government’s new R&D and Innovation Fund that bolster private-sector participation.
Pointing to India’s young, tech‑savvy population, Goyal said the country holds a significant advantage in adapting to emerging technologies, especially artifical intelligence (AI).
“ChatGPT’s second-largest user base is in India,” he said, adding that Indian youth are rapidly integrating advanced tech tools, making India a global hub for innovation and digital skills.
He reiterated the importance of the MY — Mahila–Yuva — formula for inclusive development and called on industry leaders to partner with the government in skilling, innovation and global engagement.
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