In his speech at the CII Annual Business Summit 2026, Piyush Goyal, India’s Minister of Commerce and Industry, laid out four vital points aimed at fostering a self-reliant India. He encouraged Indian businesses to focus on high-quality standards and urged them to invest more in research and development (R&D), highlighting the importance of innovation.
Goyal emphasized the need for a shift in mindset: “Let us move up from assembled in India to designed, engineered, and manufactured in India.” He believes this change is essential for the country’s industrial growth.
He also discussed the importance of moving into deeper value chains. Goyal encouraged industry leaders to create a scorecard to measure progress over the next 5-10 years against clearly defined goals. He said, “…and how we have performed against that ambition every year.”
Quality was a second critical focus. Goyal insisted that achieving zero defects and minimizing environmental impact should be mandatory for Indian industries. He pointed out that embracing sustainability is crucial as we face challenges like climate change.
When it comes to R&D, Goyal urged Indian industries to ramp up their efforts. A recent report from NASSCOM highlighted that companies globally are increasing R&D investments, with India being uniquely positioned to attract global capital in these areas. Goyal stated, “We really need to go global in our thought process and develop our talent towards global engagement.”
Finally, he spoke about India’s potential in new-age technologies like quantum computing and artificial intelligence. India led the IT revolution; now, it must become a pioneer in these cutting-edge fields. Goyal noted, “…quantum computing, machine learning, artificial intelligence…all of these are areas where Indian talent will capture the world’s attention.”
These points highlight a clear roadmap for India’s industries, focusing on quality, innovation, and leadership in technology. Embracing these changes could transform not just the economy, but also India’s global standing in various sectors.
For more insights on India’s emerging tech landscape, you can check out the latest reports from sources like NASSCOM, which provide detailed analyses of R&D trends and investments in the country.
