Commerce and Industry Minister Piyush Goyal has said that innovation, deep technologies, startups, MSMEs and globally competitive manufacturing will drive India’s next phase of economic growth and help realise the vision of a developed India by 2047.Addressing the 22nd J.R.D. Tata Memorial Lecture in New Delhi, Mr Goyal said the country must strive for excellence and ensure that Made in India products earn global respect through quality, innovation and competitiveness.

The Minister highlighted several initiatives to promote innovation, including the one lakh crore rupee Research, Development and Innovation Fund, the IndiaAI Mission and the Second Semiconductor Mission. He said these initiatives will further strengthen the country’s innovation ecosystem and accelerate the development of emerging technologies.

Mr Goyal said the Government is creating an enabling business environment by reducing the compliance burden, decriminalising outdated laws and improving the ease of doing business. He added that skill development should become an industry-led movement, supported by the Government through an enabling ecosystem. The Minister noted that India continues to remain the world’s fastest-growing major economy despite global uncertainties.

Calling upon industry to invest more in research, innovation and skill development, Mr Goyal urged entrepreneurs and investors to support home-grown deep-tech startups at an early stage and help them move from innovation to commercialisation and global scale.

The Commerce and Industry Minister also paid tribute to J.R.D. Tata, saying his vision of excellence, innovation and nation-building continues to inspire Indian industry. He expressed confidence that these values will help realise the vision of a developed India by 2047.