India's 14 Lakh STEM Grads Annually Are Key Economic Strength: Piyush Goyal

India's 14 lakh annual STEM graduates are key economic strength: Piyush Goyal

Gandhinagar, May 17

Speaking at the inauguration of the Innovation and Incubation Centre at the National Institute of Design (NID) in Gandhinagar, Goyal said India's growing pool of scientists, engineers and technology professionals was attracting global investment and strengthening the country's position in emerging industries.

"Around 14 lakh STEM graduates - in science, technology, mathematics and engineering - are produced every year in India. When I tell foreign ministers this, they are astonished. This huge youth force is India's greatest strength," he said.

The minister said India's youth population, digital infrastructure and startup ecosystem had made the country a preferred global destination for technology and innovation.

He described India as "the world's fastest-growing major economy with the third-largest startup ecosystem and expanding manufacturing capabilities".

"Hardly any country has expanded 5G to every corner so quickly or provides digital connectivity and data so cheaply," Goyal said, adding that low-cost internet access had democratised opportunities across the country.

He said innovation was no longer limited to metropolitan cities and that young people from smaller towns were increasingly building startups and global businesses.

"People from small towns are now working internationally with their innovations, building global businesses and creating unicorns," he said.

According to Goyal, even small startup ideas now have the potential to reach international markets because of internet connectivity, mentoring and incubation support.

"Many young innovators today require only laptops, digital access and guidance to refine and scale their ideas," he said.

The minister also linked India's talent base with growing international trust in the country. "The whole world today sees India as the most trusted partner," he said, adding that global companies were increasingly establishing innovation and design operations in India.

Goyal said around 1,700 to 1,800 major global companies were already innovating in India through Global Capability Centres. He attributed this to India's skilled workforce, affordable digital connectivity and integrated infrastructure systems.

"The future economy would depend on automation, artificial intelligence, skilled manpower, creative design and innovation rather than cheap labour," he said.

He urged students to focus on sectors such as semiconductors, artificial intelligence, machine learning, quantum computing, deep technology and space.

Calling for closer collaboration between academia and industry, Goyal said: "Educational institutions should help students take creative ideas to the stage of commercialisation and entrepreneurship."

He added that incubation centres should support innovation in Tier-2 and Tier-3 cities and encourage young people to create products for global markets rather than only for India.

— IANS