Should Industry Set Bold Targets and Mentor Next-Gen Leaders?
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Synopsis
Union Commerce Minister Piyush Goyal has called for industry leaders to adopt a more ambitious approach to drive India's growth. He emphasized the importance of setting bold targets and increasing domestic investments in startups and R&D, while also urging industry bodies to broaden their engagement beyond elite circles.
Key Takeaways
- Set bold targets for future growth.
- Evaluate advocacy efforts to understand impact.
- Encourage domestic investment in startups and R&D.
- Learn from global models like Korea and Sweden.
- Engage the next generation in industry discussions.
- Expand outreach beyond major cities.
New Delhi, Nov 18 (NationPress) Union Commerce Minister Piyush Goyal on Tuesday called on industry leaders to embrace a more ambitious and proactive stance to propel India’s growth.
During his address at FICCI’s 98th Annual General Meeting and Annual Convention, he outlined five critical expectations from the industry and urged them to set audacious, future-oriented targets.
Goyal first requested industry bodies to thoroughly examine the results of their advocacy initiatives.
He remarked that industry associations often propose ideas and recommendations but seldom assess which ones gained traction and which were overlooked.
This evaluation, he pointed out, would enable them to grasp their genuine impact and fortify their role in the years to come.
"Establish bold targets. We cannot be content with gradual growth; we must step beyond the conventional. We require domestic capital, Indian investments in startups and R&D. It cannot always rely on foreign investment; during initial phases, domestic financing is essential. Adopt a bold perspective," Goyal articulated.
He further underscored the necessity for bolder ambitions, asserting that India cannot afford to settle for slow or incremental advancements.
Goyal advocated for enhanced domestic investments, especially in startups and research and development, emphasizing that early-stage enterprises should not solely depend on foreign funding.
The minister also encouraged Indian industry to draw lessons from global exemplars, particularly nations like Korea and Sweden, which boast robust frameworks for industrial development and business support.
Addressing the topic of leadership, Goyal expressed concern about the limited engagement of the next generation in policy and industry discussions.
In his concluding remarks, Goyal urged FICCI to broaden its outreach beyond major urban centers and into India’s remote areas. He emphasized that industry bodies should not limit themselves to elite business circles but should expand their engagement to foster growth across the nation.
He implored FICCI to become what he termed an “uncomfortable leader” that challenges itself and aids in steering India towards excellence.
Point of View
I believe Piyush Goyal's remarks underscore a vital moment for India's industrial landscape. His call for ambitious goals and increased domestic investment is timely and necessary. Engaging the next generation and expanding outreach beyond urban elites will be crucial for inclusive growth. The industry must heed this call to foster sustainable development.
NationPress
18/11/2025
Frequently Asked Questions
What are Piyush Goyal's key expectations from the industry?
Piyush Goyal outlined five key expectations, urging industry leaders to set bold, future-focused targets, closely audit advocacy results, and increase domestic investments, particularly in startups and R&D.
Why is domestic investment important according to Goyal?
Goyal emphasizes that early-stage ventures should not rely solely on foreign capital and that domestic investments are crucial for fostering innovation and growth within India.
What countries did Goyal mention as examples for India?
Goyal pointed to countries like Korea and Sweden, which have established strong models for industrial growth and business facilitation, as examples for India to learn from.
