Union Commerce and Industry Minister Piyush Goyal highlighted India’s significant advantage in technology, manufacturing, and innovation, with an annual output of approximately 14 lakh STEM graduates. Speaking at the inauguration of the Innovation and Incubation Centre at the National Institute of Design in Gandhinagar, Goyal emphasized the country’s growing pool of scientists, engineers, and technology professionals attracting global investment.
India’s youth population, digital infrastructure, and startup ecosystem have positioned the country as a preferred global destination for technology and innovation, according to Minister Goyal. He noted that India is the world’s fastest-growing major economy with the third-largest startup ecosystem and expanding manufacturing capabilities, offering widespread 5G coverage and affordable digital connectivity.
Minister Goyal highlighted the democratization of opportunities across India due to low-cost internet access, emphasizing that innovation is no longer confined to metropolitan areas. He praised young entrepreneurs from smaller towns who are venturing into global markets with their startups and innovations, attributing this trend to internet connectivity, mentoring, and incubation support.
Goyal underscored the international trust in India’s talent base, noting the increasing presence of global companies establishing innovation and design operations in the country. He emphasized the importance of sectors like semiconductors, artificial intelligence, machine learning, and quantum computing for the future economy, urging students to focus on these areas.
Encouraging closer collaboration between academia and industry, Minister Goyal emphasized the role of educational institutions in supporting students to commercialize creative ideas and venture into entrepreneurship. He called for incubation centers to foster innovation in Tier-2 and Tier-3 cities, motivating young individuals to develop products for global markets.
