India needs bolder economic goals, says Piyush Goyal at FICCI AGM

Union Commerce Minister Piyush Goyal urged industry leaders at FICCI’s AGM to adopt bold targets, increase domestic investment in startups and R&D, involve next-generation leaders, and expand engagement beyond major cities to strengthen India’s long-term economic growth

New Delhi: Union Commerce Minister Piyush Goyal on Tuesday urged industry leaders to adopt a more ambitious and proactive approach to help drive India’s growth.

Speaking at FICCI’s 98th Annual General Meeting and Annual Convention, he outlined five key expectations from the industry and encouraged them to set bold, future-focused targets.

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Goyal first appealed to industry bodies to closely audit the results of their advocacy efforts. He said industry associations often push ideas and recommendations, but they rarely evaluate which of them were accepted and which were forgotten.

This exercise, he noted, would help them understand their true impact and strengthen their role in the decades ahead. “Set bold targets. We can’t be satisfied with incremental growth; we need to venture out of the ordinary. We need domestic capital, Indian money in startups and R&D. It can’t always be foreign investment; in the initial stages, it should have domestic money. Be bold in outlook,” Goyal mentioned.

He then emphasised the need for bolder goals, stressing that India cannot afford to be satisfied with slow or incremental progress. Goyal called for stronger domestic investment, particularly in startups and research and development, saying that early-stage ventures should not depend solely on foreign capital.

The Minister also urged Indian industry to learn from global examples, particularly countries like Korea and Sweden, which have strong models for industrial growth and business facilitation.

Speaking about leadership, Goyal expressed concern over the limited involvement of the next generation in policy and industry forums. In his final point, Goyal asked FICCI to expand its presence beyond major cities and reach India’s remote regions. He said industry bodies should not remain confined to elite business circles but must widen their engagement to support growth across the country.

He urged FICCI to become what he described as an “uncomfortable leader” that challenges itself and helps push India toward excellence.