Union Commerce and Industry Minister Piyush Goyal, during the 98th AGM and Annual Convention of Federation of Indian Chambers of Commerce and Industry (FICCI) today, emphasised four key dimensions for India to become a developed nation by 2047.

First focus area, he said, is manufacturing. “We will all have to focus our energies towards Amrit Kaal. Can we make India a domestic manufacturing industrial hub? How much can we do to promote domestic manufacturing, industrialisation, and self-reliance in goods that can be made in India competitively?” asked Goyal.

Second, he said, is a talented workforce. “Can we look at converting the millennial children — the generation, as we call them — all the kids born after 2000, into a skilled workforce, a talented and skilled workforce of consequence,” he said.

The third dimension, as per Goyal, is to create an investment-friendly ecosystem. “This is what Prime Minister Modi always talks about: focusing on ease of doing business, how we can remove the bottlenecks, how we can get government out of your life."

The fourth dimension will, of course, centre around technology, he said. “Can we bring cutting-edge technologies into the country? Whether it's artificial intelligence, quantum computing, or machine learning, all of these are going to need talent. And India is producing 2.3 million STEM graduates every year.”

The minister also emphasised five focus areas for industry bodies like FICCI for maximum contribution towards accelerating India’s ‘Viksit Bharat’ journey. These, he said, are audit advocacy outcomes, bold long-term global goals, learnings from leading global facilitation models, mentoring of next-gen leaders across India, and strengthening of MSME and district-level support for exports & compliance.

Goyal, during Fortune India’s ‘India’s Best CEOs 2025’ event on Monday, also talked about India’s three big growth levers that will lay the foundation of Viksit Bharat, saying that technology, high-quality standards and sustainability are the three core pillars.

“We need to adopt technology and not feel shy about it. With the advent of artificial intelligence, the shift in global trade and newer threats through cybersecurity, all of these present a huge opportunity for India. We need to leverage our talent and skill,” Goyal said at the Fortune India event in Mumbai.

In a fireside chat with Shashwat Goenka, Vice Chairman, RP–Sanjiv Goenka Group, the Union minister said India must strive for high-quality standards in all goods and services it produces.  “Anything and everything we do — goods, services, every action — should be of a high-quality standard. Quality always pays off in the long run. Quality is not expensive; it is always cheaper in the long run.”