Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Shri Piyush Goyal said that Artificial Intelligence (AI) is a powerful tool to fight poverty, deliver goods and services to remote areas, and reskill the workforce for the future. This was stated by the Minister in the inspirational address delivered at the ‘Inaugural Edition of Slush’D’, held today in New Delhi.
Shri Goyal reiterated India’s commitment to embracing disruptive technologies, particularly AI, and encouraged the adoption of AI to solve real-world problems and improve lives. The Minister recognized India’s role as a global leader in AI and noted the nation’s growing recognition in the international startup ecosystem. He underlined that India’s strengths lie in its large, youthful population, vast data resources, and an entrepreneurial culture.
The Minister encouraged Indian startups to be ambitious, welcome innovation, and address the challenges that lie ahead. He mentioned that while India has some catching up to do, the country’s enthusiasm for AI is undeterred. He said that India’s future lies in its commitment to innovation and reskilling to leverage AI for economic growth.
He highlighted the diversity that characterizes India, referring to the nation as the “argumentative Indians” who excel in diverse fields and contribute to India’s strength. Shri Piyush Goyal emphasized the importance of open debate, dialogue, and discussion, which is deeply ingrained in Indian culture. He noted that this spirit of inquiry and the constant quest for improvement has fueled India’s startup movement and entrepreneurial thinking, which has existed for centuries.
Shri Piyush Goyal discussed India’s startup journey and its impressive growth, noting that India has registered over 115,000 startups within seven years, compared to approximately 450 startups seven years ago. He credited this growth to the small capital provided to young entrepreneurs and their ability to leverage the abundance of data in India, turning innovative ideas into reality.
The Minister acknowledged the challenges and failures faced by many startups but commended their resilience and determination to continue trying. He underlined the transformational power of India’s youth and their ability to find solutions to the country’s many problems.
Shri Goyal emphasized that the modern Indian startup is no longer constrained by traditional entrepreneurial paths. Today’s startups are characterized by their pursuit of innovation, leveraging data, and thinking beyond existing norms, he added.
Shri Piyush Goyal expressed hope that India’s thriving startup ecosystem will eventually become the largest in the world, provided that the youth continue to believe in big, audacious goals. He shared his confidence that India’s entrepreneurial spirit will drive the nation toward a brighter future, marked by innovation, creativity, and prosperity.
The Minister congratulated the organizers and participants for engaging in fruitful discussions and fostering a culture of innovation. The event brought together the dynamic and diverse participants of India’s growing startup ecosystem. As the Inaugural Edition of Slush’D provided a platform for discussions, networking, and inspiration, Shri Goyal concluded his address by encouraging young Indian talents to transform their ideas into new ambitions and missions. He underscored the importance of AI as a catalyst for India’s economic growth and its potential to become India’s unique selling proposition.
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