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Union Minister of Commerce and Industry Piyush Goyal on Friday said the four-nation European Free Trade Association (EFTA) bloc has committed to invest USD 100 billion in India across innovation and precision manufacturing.
Highlighting India's cost competitiveness in research and innovation, the minister stated that high-quality innovation undertaken in India can be achieved at a fraction of the cost compared to Europe or the United States. He emphasised the need for Indian industry to move beyond legacy mindset and adopt a forward-looking and globally competitive approach. Addressing the 98th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI), Goyal highlighted India's strengths in innovation and technology, supported by a young demographic, increasing digital adoption and a growing talent pool. He said that India's large number of STEM graduates and widespread internet access create strong potential in emerging areas such as applied artificial intelligence, automation, robotics and deep-tech innovation. The minister noted that the recently announced USD 12 billion Research, Development and Innovation (RDI) fund, along with ongoing support to startups and deep-tech industries, will further accelerate India's innovation ecosystem. Goyal emphasised the importance of strengthening skilling to prepare India's youth for future opportunities. He said that unlike many developed economies facing ageing populations, India's youthful demographic is quick to adapt to emerging technologies and has already demonstrated high engagement with digital platforms. He added that this readiness positions India to play a major role in the global technology landscape. In the technology sector, the minister pointed to initiatives aimed at reducing external dependence, including the Semiconductor Mission with the financial outlay of Rs 76,000 crore and the Rs 7,000 crore programme for permanent magnet production, which strengthen domestic manufacturing and supply chain security. In the legal domain, he referred to ongoing reforms, including progress toward Jan Vishwas 3.0, designed to enhance ease of doing business. The minister also noted that the Atomic Energy Bill 2025 marks a historic shift by opening up the nuclear sector to strengthen energy sovereignty. Goyal said that India has concluded balanced and equitable trade agreements with Australia, the UAE, Mauritius, the United Kingdom and the four-nation EFTA bloc and is currently engaged in discussions with 14 countries or groups representing nearly 50 nations, including the United States, the European Union, GCC countries, New Zealand, Israel, Eurasia, Canada, South Africa and the Mercosur group. (ANI)
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