India’s talent, technology and entrepreneurship to drive next phase of growth: Union Commerce and Industry Minister

AI, FTAs and youth leadership key to Viksit Bharat vision: Shri Piyush Goyal

Union Minister of Commerce and Industry Shri Piyush Goyal delivered the keynote address at the 27th edition of the EY Entrepreneur Of The Year Awards, in Mumbai today evening. The Union Minister gave away the awards in the program that brought together leading entrepreneurs, industry captains and startup founders from across the country.

Addressing the gathering, Shri Goyal underscored that India’s youth and human capital are at the heart of the nation’s growth story. Reflecting on interactions with founders and business leaders, the Union Commerce and Industry Minister said that passion, innovation and skilled manpower are India’s biggest competitive advantages. Referring to the recently concluded AI Summit in New Delhi, the Union Minister stated, the global response demonstrated the depth and maturity of India’s innovation ecosystem and technological capabilities.

On concerns around Artificial Intelligence and employment, Shri Goyal said, AI would transform jobs rather than eliminate them. He noted that India produces around 2.3 million STEM graduates every year and possesses an unmatched pool of young, adaptable and ambitious talent. Drawing parallels with the Y2K era, he described AI as the next inflection point that will create better opportunities, higher-value work, stronger exports and deeper global integration for Indian businesses, while also increasing demand for skilled professionals in areas such as cybersecurity, data protection and system governance.

The Union Commerce and Industry Minister also highlighted India’s expanding global trade footprint, stating that the country has concluded nine Free Trade Agreements covering 38 nations, giving Indian businesses preferential access to nearly two-thirds of global trade. These agreements, will help Indian goods, services, agricultural and fisheries products, and labour-intensive sectors reach new markets, integrate into global value chains and enhance talent mobility, he further stated.

Emphasising that self-reliance does not mean isolation, Shri Goyal said, Aatmanirbhar Bharat is about building resilient, trusted and diversified supply chains through global engagement. Calling upon entrepreneurs and industry leaders to take global opportunities to MSMEs, farmers, exporters and fishermen across the country, Union Minister Shri Goyal expressed confidence that young India will lead the nation through Amrit Kaal towards becoming a developed economy by 2047.

Congratulating the award winners, Shri Goyal said India’s growth journey will continue relentlessly, powered by its entrepreneurs and youth, and urged all stakeholders to work collectively to realise the vision of Viksit Bharat.

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PIB Mumbai | Sriyanka Chatterjee/Darshana Rane

Free Trade Agreements expand market access and call for global engagement to bolster resilient diversified supply chains. India emphasises that Artificial Intelligence will transform jobs and increase demand for higher value skills in cybersecurity, data protection and system governance. The government highlights concluded Free Trade Agreements covering 38 nations that provide preferential market access and support integration into global value chains. Aatmanirbhar Bharat is presented as resilient, diversified supply chain building through global engagement, with calls to leverage FTAs to benefit MSMEs, farmers, exporters and fisheries and to enhance talent mobility for deeper global integration.