Piyush Goyal invites business leaders, investors to join India and build innovation at scale
Nice, June 16
Commerce and Industry Minister Piyush Goyal on Tuesday addressed the closing ceremony of 'Bharat Innovates 2026' here, and expressed optimism and confidence in the outcomes achieved over the past three days, reflecting the immense potential of the India-France innovation partnership.
He highlighted how the inspiring leadership of Prime Minister Narendra Modi and French President Emmanuel Macron, along with their shared vision under the 'India-France Year of Innovation 2026', laid the foundation for what has emerged as a truly transformational platform.
"Invited business leaders, CEOs, investors, and innovators to join hands with India in building a brighter and sustainable future powered by innovation at scale," said Goyal in a post on X.
The minister also visited the iconic Fragonard Factory in Grasse, which offered an inspiring glimpse into its historic legacy that has shaped the global fragrance industry for generations.
"Delighted to interact with leaders from the Grasse Institute of Perfumery and the French fragrance industry. Extended my congratulations to Fragonard as it approaches its centenary celebrations in 2026, and acknowledged the remarkable milestone of PRODAROM completing 300 years in 2024, both reflecting the strength of France's rich fragrance heritage," said Goyal.
He discussed the immense opportunities to deepen India's collaboration across luxury manufacturing, design, and high-value trade.
"By combining France's expertise with India's rich heritage, deep traditional knowledge, and skilled workforce, we can unlock new avenues of innovation and position India as a leading force in the premium fragrance and luxury sectors," he said.
Goyal also launched UPI at the iconic Galeries Lafayette, Nice Massena, France.
"Bringing India's world-class digital payments platform to one of France's premier retail destinations marks another significant step in UPI's global expansion. With the participation of Lyra Collect and NIPL, this initiative showcases India's ability to deliver trusted, seamless, and interoperable digital solutions at scale. The launch further strengthens the economic and technological ties between India and France, reflecting the growing depth and ambition of our strategic partnership," he mentioned.
— IANS
Reader Comments
Good to see India-France relations deepening beyond nuclear deals. But I hope these innovation partnerships trickle down to small businesses and startups, not just large corporations. The fragrance industry in Kannauj has been struggling—would love to see some of this collaboration reach them.
UPI at Galeries Lafayette is huge! From chai tapris in India to high-end French department stores—our digital payments are truly global now. Proud moment indeed. But let's also focus on making UPI work seamlessly for Indians traveling abroad, not just for tourists coming here.
"Innovation at scale" sounds great on paper, but our domestic R&D spending is still abysmal. Hope these MoUs translate into actual labs, patents, and products made in India. The France-India Year of Innovation should result in more than just photo-ops and press releases.
As someone who works in luxury branding, this is exciting! India has centuries-old perfume traditions (attars, ittars) that the world barely knows. French perfumery is about blending art and science—if we can bring that rigor to our traditional knowledge, we could create something truly unique. Also, the Fragonard factory visit must have been fascinating! 🌸
Honestly, I'm tired of these grand announcements. The real test is implementation. We've been hearing about 'Make in India' for years. Let's see some French luxury brands actually setting up manufacturing units in India, creating jobs, and transferring technology. Otherwise, it's just more diplomatic tourism.