Piyush Goyal
Piyush GoyalFile photo

Not just India’s decade but century, Piyush Goyal tells Stanford students

New Delhi, September 7, 2022

Union Minister for Commerce and Industry Piyush Goyal said on Tuesday that "India" meant "opportunities" and it was not just India’s decade but India’s century.

Interacting with the faculty and students of the Stanford Graduate School of Business in San Francisco, the Minister said the past few years have been well spent by India in creating the foundation for rapid transformation, economic growth, improvement in its systems, technological engagement and learning from the best in the world.

“India has been striving to ensure that every citizen of the country, every child born in the nation has a right to a good quality life and a bright future,” he added.

Referring to the country’s exports that have already crossed $ 675 billion in the last fiscal, he said India was now aspiring to take international trade to $ 2 trillion by 2030. “By the time India celebrates the 100th anniversary of its independence, it would be a $ 30 trillion economy. That is the kind of opportunity that India presents to the world. This is not just India’s decade, it is India’s century,” he added.

Expressing his faith in the youth of India who was rapidly turning into entrepreneurs and start-up champions, Goyal said the new education policy was giving a fillip to liberal education and looking at deeper collaborations with the best schools in the world.

The Minister said Prime Minister Narendra Modi had articulated his vision and plans for India’s future based on some sound management principles. He cited the example of the LED lighting revolution and explained that in 2014, Modi placed great focus on energy conservation to ensure sustainability, reduce the burden of investment in the power sector and reduce the energy bills of the common man and launched an LED lighting programme in 2015.

Goyal opined that the Prime Minister’s decision to withdraw the subsidy for the purchase of very expensive LED lamps was the defining moment in India’s bid to promote LED lighting. The government then engaged extensively with all the stakeholders, from importers to distributors to suppliers, successfully driving down the cost of an LED bulb by 85% in the very first year of the programme, partly by bringing in economies of scale and partly by effectively solving some of the issues faced by suppliers, he said.

India had successfully used several management principles such as root cause analysis, innovative financing models, economies of scale etc to ensure the success of the LED lighting program. It has been able to save around 80 million tonnes of CO2 emissions. Once a net importer of LED lamps, the country now has several manufacturers of high-quality LED lamps exported all over the world.

Speaking of India’s fintech success, the Minister said nearly 40% of all digital transactions were happening out of India today, with even small vendors accepting digital payments. Goyal invited the students of Stanford to engage with India and work with a billion-plus people with great aspirations.


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