New Delhi: Union Minister of Commerce and Industry, Piyush Goyal, highlighted the pivotal role of innovation and research in India’s growth while addressing the 97th Annual General Meeting and Annual Convention of the Federation of Indian Chambers of Commerce & Industry (FICCI) today. Speaking in New Delhi, he emphasized the need for industry leaders to utilize the ₹1 lakh crore allocated under the newly operationalized Anusandhan National Research Foundation (ANRF) to build a robust research ecosystem.
He urged the youth to adopt a mindset of experimentation and new idea development, which he described as critical for fostering innovation. “The ANRF initiative is a monumental step toward developing a vibrant R&D ecosystem. I call upon the industry to actively participate and provide suggestions to make funding processes outcome-oriented and efficient,” he said.
Industry-Academia-Government Collaboration
Goyal advocated for enhanced collaboration between the private sector, academic institutions, and the government to spur innovation and meet domestic and export demands. He encouraged private sector institutions to join the effort, creating an industry-academia-government nexus to drive research and development across sectors.
Government Initiatives Driving Transformation
Highlighting key initiatives under the leadership of Prime Minister Narendra Modi, Goyal likened programs such as Digital India, PM Saubhagya Yojana, PMGKAY, and Ayushman Bharat to “beads in a necklace,” symbolizing their collective role in transforming India’s socio-economic landscape.
He lauded the Swachh Bharat Mission (SBM) for sparking a nationwide cleanliness revolution, underscoring its alignment with economic development, job creation, and employment. Goyal commended FICCI for introducing the “Excellence in Swachh Industry Parks” award category and suggested industries adopt CSR initiatives, such as building and maintaining toilets in schools and colleges, which he said would positively impact the nation’s growth story.
Ease of Doing Business and Global Recognition
Goyal called on industry leaders to collaborate with the government in reducing compliance burdens and decriminalizing business laws, thus enhancing Ease of Doing Business. He noted that FICCI should act as a feedback mechanism to streamline government initiatives.
The Minister underscored India’s growing importance in the global arena, stating, “India is increasingly seen as a trusted partner and a key player in global value chains.” He emphasized that under PM Modi’s leadership, India has become a growth engine for the Global South.
Focus on Quality Standards
Goyal stressed the importance of raising quality standards across industries. He urged FICCI to leverage its technical committees to appoint representatives from every sector, ensuring standards that are practical and effective. “India’s journey toward becoming a Viksit Bharat will be defined by its commitment to being a trusted provider of quality goods and services,” he remarked.
This address set the tone for deeper collaboration between the government and industry in driving innovation, sustainability, and India’s global positioning as a growth leader.