Mumbai: At the 27th edition of the EY Entrepreneur Of The Year Awards held in Mumbai, Union Commerce and Industry Minister Piyush Goyal said that Artificial Intelligence (AI), Free Trade Agreements (FTAs), and youth leadership will play a decisive role in transforming India into a developed nation by 2047.
The event brought together leading entrepreneurs, industry captains, and startup founders from across the country.
AI, Innovation and India’s Young Workforce
Addressing the gathering, Goyal emphasized that India’s biggest strength lies in its young population and skilled human resources. He said innovation, passion, and a capable workforce are driving India’s rise in global competitiveness.
Referring to the recent AI Summit held in New Delhi, he noted that the strong global response reflected India’s growing technological capabilities and a robust innovation ecosystem.
AI Will Create Jobs, Not Eliminate Them
Responding to concerns around AI replacing jobs, the minister clarified that Artificial Intelligence will transform employment patterns rather than eliminate opportunities.
He highlighted that India produces nearly 2.3 million STEM graduates annually, which positions the country strongly in the emerging technology-driven global economy.
Drawing parallels with the Y2K era, Goyal said that just as technology created new opportunities then, AI will generate high-quality jobs, strengthen exports, and enhance India’s global integration. He also pointed out rising demand in areas like cybersecurity, data protection, and system governance.
India’s Expanding Global Trade Network
The minister also underlined India’s growing global trade footprint. He stated that India has signed nine Free Trade Agreements (FTAs) covering 38 countries, enabling Indian businesses to access international markets more effectively and gain a competitive edge.
He clarified that Atmanirbhar Bharat does not mean isolation but building strong and reliable supply chains while remaining globally connected.
Goyal urged industry leaders to ensure that global opportunities also benefit MSMEs, farmers, and small entrepreneurs.
Vision for Developed India by 2047
Concluding his address, Piyush Goyal expressed confidence that India’s youth and entrepreneurs will be central to achieving the vision of Viksit Bharat 2047.
With AI adoption, expanding trade agreements, and a strong startup ecosystem, India is positioning itself as a major global economic and innovation hub in the coming decades.
