India’s Journey Towards Becoming a Self-Reliant Economic Powerhouse

India is on a transformative journey to establish itself as a self-reliant global economic powerhouse, as highlighted by Union Minister of Commerce and Industry, Shri Piyush Goyal, during the 98th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) held at Bharat Mandapam, New Delhi. The event, themed ‘India: Self-Reliant Economic Powerhouse’, showcased the nation’s ambitious vision and strategic initiatives to strengthen its position in the global economy.

Strengthening Trade Relations Globally 

Shri Goyal emphasized India’s proactive approach to global trade, highlighting the successful conclusion of balanced and equitable trade agreements with Australia, the UAE, Mauritius, the United Kingdom, and the four-nation EFTA bloc. India is also engaged in discussions with 14 countries or groups, representing nearly 50 nations, including the United States, European Union, GCC countries, New Zealand, Israel, Eurasia, Canada, South Africa, and the Mercosur group. These partnerships aim to build resilient supply chains and foster long-term cooperation based on fairness, transparency, and mutual benefit.

Self-Reliance: The Core of India’s Economic Strategy 

The concept of self-reliance, deeply rooted in India’s civilizational ethos, remains central to the country’s economic strategy. Shri Goyal highlighted how the vision of Atma Nirbhar Bharat, championed by Prime Minister Shri Narendra Modi, has strengthened India’s focus on innovation, manufacturing, and global competitiveness. He also referenced the Bhagavad Gita and Mahatma Gandhi’s emphasis on Swadeshi, underscoring the historical significance of self-reliance in India’s progress.

Boosting Innovation and Technology 

India is positioning itself as a leader in emerging technologies, supported by a young demographic, increasing digital adoption, and a growing talent pool. Shri Goyal highlighted the recently announced USD 12 billion Research, Development, and Innovation (RDI) fund, which aims to accelerate India’s innovation ecosystem. With a large number of STEM graduates and widespread internet access, India is poised to lead in applied artificial intelligence, automation, robotics, and deep-tech innovation.

EFTA Investment and Precision Manufacturing 

The recent trade agreement with the EFTA bloc marks a significant milestone, with the bloc committing USD 100 billion to boost India’s innovation and precision manufacturing. Shri Goyal emphasized India’s cost competitiveness in research and innovation, which allows high-quality advancements at a fraction of the cost compared to Europe or the United States.

Preparing India’s Youth for Future Opportunities 

India’s youthful demographic is a key strength in adapting to emerging technologies. Shri Goyal stressed the importance of skilling initiatives to prepare the nation’s youth for future opportunities. Unlike many developed economies facing ageing populations, India’s young workforce is highly engaged with digital platforms, positioning the country as a major player in the global technology landscape.

Strategic Initiatives Driving Growth 

Shri Goyal outlined India’s strengths using the PESTLE framework:

Political Stability: A predictable government committed to “Minimum Government, Maximum Governance” has enhanced investor confidence.
Economic Growth: Initiatives like the National Manufacturing Mission and the ₹25,000 crore Export Promotion Mission are propelling India towards becoming the world’s third-largest economy.
Social Progress: The four Labour Codes ensure better wages and protections, while the Antyodaya approach supports the fulfillment of basic needs.
Technological Advancements: Programs like the Semiconductor Mission (₹76,000 crore) and the ₹7,000 crore permanent magnet production initiative are reducing external dependence and strengthening domestic manufacturing.
Legal Reforms: Progress toward Jan Vishwas 3.0 and the Atomic Energy Bill 2025 are enhancing ease of doing business and energy sovereignty.

A Call to Action for Industry and Citizens 

Shri Goyal urged FICCI and the broader industry to adopt a mission-driven approach to promoting innovation, deepening research and development, and strengthening industry-academia linkages. He emphasized that collective efforts from industry, government, and citizens will be vital in enabling India to emerge as a resilient, competitive, and self-reliant global economic power by 2047.

Conclusion

India’s journey towards self-reliance is not just an economic strategy but a vision deeply rooted in its ethos. With strong trade relations, strategic investments, and a focus on innovation and technology, India is well-positioned to lead the global economic and technological landscape. As Shri Piyush Goyal aptly stated, the spirit of Aatmanirbharta runs through the veins of today’s Bharat, driving the nation towards a brighter and more prosperous future.

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Source: Ministry of Commerce & Industry

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