India leading global tech race with cost-effective innovation: Piyush Goyal

He asserted that India's embrace of technologies like artificial intelligence, machine learning, quantum computing, and data analytics is helping the country move up the global growth chart.

In a video message shared on the social media platform X, Goyal highlighted that India's innovation costs are significantly lower than those in Western economies.

"When we work on new technologies in India, our cost is nearly one-sixth or one-seventh of what it would be in Switzerland or Europe or America," he said.

He pointed out that with a $12 billion investment in innovation, India can effectively generate outcomes worth $100 billion -- the equivalent cost in developed nations.

"And when we roll that money over three or four cycles, you can imagine the scale of support this fund can provide to our innovation ecosystem," Goyal added while speaking at the IIT Madras Alumni Association's Sangam 2025 event.

The minister said that India is transforming from a job-seeking nation to one of job creators, thanks to its thriving startup and research landscape.

"Our science and technology, combined with our startup ecosystem and R&D efforts, are writing the India growth story of the future," he said.

Goyal credited the youth of the country for driving this transformation, stating that India's young population is leading innovation, research, and technology adoption across sectors and government programmes.

He further emphasised that India does not shy away from adopting new technologies, and instead views them as essential to economic growth.

"They are being absorbed in our manufacturing, services, and business sectors, helping India become the fastest-growing large economy in the world," the minister said.

"This tech-driven approach is helping India buck the global slowdown trend and expand its presence in international trade and innovation leadership," the Union Minister mentioned.