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Union Commerce and Industry Minister Piyush Goyal on Friday has urged young Indian entrepreneurs to look beyond the domestic market and build globally competitive businesses, highlighting the opportunities emerging from India's expanding startup ecosystem, manufacturing capabilities and free trade agreements (FTAs).
Speaking at the Festival of Ideas in Delhi, Goyal said India's next phase of economic transformation would need to be driven by young entrepreneurs with a global outlook and the ambition to create world-class brands. During a fireside chat withSanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister (EAC-PM) , on the theme 'From Campus to International Markets: How Young Indians Can Win Globally', Goyal encouraged young people to explore opportunities in manufacturing, deep technology and high-value services. He highlighted that India's growing startup ecosystem, expanding manufacturing capabilities, FTAs and deeper integration with global value chains offer opportunities for young businesses to expand internationally and generate employment. In a social media post, Goyal stated, Indias next phase of economic transformation must be driven by young entrepreneurs who look beyond the domestic market and aspire to build world-class brands. With our expanding startup ecosystem, manufacturing capabilities, FTAs and deeper integration with global value chains, India offers immense opportunities for young Indians to create globally competitive enterprises and generate employment. Goyal also stressed the importance of maintaining globally competitive quality standards, developing industry-relevant skills and adopting an export-oriented approach. He encouraged young entrepreneurs to take calculated risks and build businesses that can compete in international markets. Separately, at the Business Odisha Conclave, Goyal highlighted the opportunities for Odisha to strengthen its manufacturing and export sectors by making use of India's expanding trade partnerships and FTAs. Participating in a fireside chat on 'Building Globally Competitive Enterprises, Exports, and Manufacturing from Odisha', the minister spoke about India's growing position in global commerce, supported by record exports, expanding trade partnerships and a resilient economy. He said Odisha could benefit from new opportunities created by India's FTAs through wider access to international markets and the development of its manufacturing ecosystem. Goyal also emphasised the need for businesses to increase investment in research and development (R&D), advanced manufacturing and emerging technologies to strengthen their position in global value chains. He said the next phase of India's growth would require greater ambition, deeper innovation and a stronger global outlook from businesses. At the conclave, the minister also presented awards to outstanding leaders, enterprises and brands. His remarks at the two events highlighted the importance of entrepreneurship, manufacturing, innovation and international market access in India's efforts to build globally competitive businesses and expand its presence in global trade. (ANI)
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