Piyush Goyal Sets 2047 Vision: 4 Pillars to Make India a Developed Nation

Calling for a domestic manufacturing revolution, Shri Goyal stressed the need for India to become a globally competitive industrial hub, capable of meeting both domestic and international demands.

At the Curtain Raiser for the 98th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI), Union Minister for Commerce & Industry, Shri Piyush Goyal, laid out a compelling blueprint for India’s rise as a developed nation by 2047, the year marking the centenary of its independence.

Addressing industry leaders and stakeholders at the event held in New Delhi, Shri Goyal highlighted four strategic dimensions—manufacturing, skilling, investment, and technology—as the foundational pillars of India’s “Amrit Kaal,” the era of accelerated development envisioned by Prime Minister Narendra Modi.

I. Making India a Global Manufacturing and Industrial Powerhouse

Calling for a domestic manufacturing revolution, Shri Goyal stressed the need for India to become a globally competitive industrial hub, capable of meeting both domestic and international demands. He emphasized that India must reduce import dependencies, particularly for critical goods, and boost self-reliance in sectors where India has inherent strengths.

While acknowledging that certain high-tech imports may be necessary due to scale or technology gaps, he urged Indian businesses to diversify supply chains and assess risks from over-reliance on single suppliers or geographies—especially in a global context where trade dependencies can be strategically exploited.

“National security and economic resilience begin with industrial strength. India must be bold, pragmatic, and proactive in scaling up its manufacturing capacity across sectors—from semiconductors to defence,” Shri Goyal said.

II. Skilling India’s Workforce: Beyond White-Collar Aspirations

The second key to India’s 2047 vision, the Minister said, is building a highly skilled, industry-ready workforce. He identified underemployment as a larger challenge than unemployment and called for a mindset shift away from purely white-collar aspirations.

Shri Goyal advocated for targeted training in technical trades such as welding, electrical work, precision engineering, and manufacturing operations, noting that discipline, hands-on ability, and performance should take precedence over academic degrees.

He further called for industries to collaborate closely with Skill India Mission, ITI networks, and vocational education systems to align curricula with real-world industrial needs.

III. Creating a Robust, Investment-Friendly Ecosystem

The third dimension outlined by the Minister is the creation of a dynamic, investment-friendly business environment. Shri Goyal reiterated the Government’s focus on ease of doing business, with continuous efforts to reduce compliance burdens, decriminalise business laws, and eliminate outdated regulations that hinder innovation.

He highlighted ongoing reforms to streamline Foreign Direct Investment (FDI) and Foreign Institutional Investment (FII) processes, aimed at attracting faster and more diversified capital inflows. The goal, he said, is to foster an ecosystem that supports employment generation, technology transfer, innovation, and industrial value addition.

“India’s macroeconomic stability, predictable regulatory framework, and proactive governance have already made us a top investment destination. Now, we must translate this into sustainable long-term growth,” Shri Goyal asserted.

IV. Leveraging Technology and Innovation for a Knowledge-Based Economy

The fourth pillar, technology and innovation, will be central to India’s transformation. The Minister emphasized India’s strong position in STEM education, with 2.3 million STEM graduates annually, and the rapid rise of Global Capability Centres (GCCs) positioning India as a global tech hub.

He cited the Government’s creation of a ₹100,000 crore Research, Development and Innovation (RDI) Fund as a game-changing step to boost deep tech, artificial intelligence, quantum computing, and machine learning, making India a global leader in frontier technologies.

He also linked innovation to cybersecurity and digital infrastructure, noting that technological sovereignty will be as important as physical sovereignty in the future global order.

Empowering Industry Through Trust-Based Governance

Shri Goyal praised the Jan Vishwas (Amendment of Provisions) Act for its role in decriminalising minor economic offences and building a trust-based regulatory framework. He called this shift a cornerstone of the Modi Government’s philosophy of “Politics of Trust”, which has enabled smoother public-private coordination and faster poverty reduction.

“We’ve seen how this approach has helped lift 250 million people out of poverty and move India from the 11th to the 4th largest global economy. The next milestone is becoming the 3rd largest economy and a $30–35 trillion economic powerhouse,” he said.

FICCI's Role: A National Development Partner

Shri Goyal acknowledged FICCI’s historic contribution to India’s industrial journey. He recalled that Mahatma Gandhi himself encouraged the formation of FICCI as a platform to promote economic nationalism and indigenous industry.

He called upon FICCI to extend its reach under the “FICCI Bharat 2047” initiative, taking industry-led growth and innovation to tier-2 and tier-3 towns, supporting MSMEs, and facilitating district-level export competitiveness.

He outlined a five-point agenda for FICCI:

• F – Fiscal discipline

• I – Innovation

• C – Connectivity & critical infrastructure

• C – Commerce

• I – Inclusive growth

FICCI, he said, must serve not just as a business chamber, but as a national mission partner that mentors entrepreneurs, studies global best practices, and acts as a bridge between policy and practice.

Charting a Collective Path to 2047

Shri Goyal concluded with a powerful call for collective vision and execution, urging all sectors—public, private, academic, and civil society—to align with the 2047 roadmap. He said India is a beacon of growth, stability, and innovation, and that by leveraging trust, technology, talent, and tenacity, it will emerge as a developed and self-confident nation in the next two decades.