TLDR: Union Minister Piyush Goyal, at the ET Startup Awards 2025, discussed India’s progress in trade deals with major economies, advocated for increased domestic capital deployment in startups, and emphasized the critical role of Artificial Intelligence in the nation’s economic future. He urged for reduced reliance on foreign venture capital and highlighted India’s potential as a global innovation hub.
Bengaluru, November 3, 2025 – Union Minister for Commerce and Industry, Piyush Goyal, delivered a keynote address at the prestigious ET Startup Awards 2025, outlining India’s strategic vision for trade, domestic capital mobilization, and the burgeoning role of Artificial Intelligence (AI) in its economic growth. The event, the 11th edition of the awards, celebrated the remarkable journey and maturation of India’s startup ecosystem.
Goyal provided an update on India’s trade negotiations, stating that various trade pacts are nearing completion, with significant progress being made in discussions with the United States and the European Union. He also mentioned ongoing dialogues with New Zealand, the second tranche of negotiations with Australia, and discussions with Chile, Peru, and Eurasia. The minister articulated an ambitious target to double India’s engagement with the United States in goods and services to approximately $500 billion by 2030, expressing confidence in achieving this goal. He emphasized that India seeks ‘good, fair, and equitable deals’ in its trade agreements, asserting that tariffs are ultimately borne by the importing nation, not India.
Highlighting the importance of self-reliance, Goyal strongly advocated for greater utilization of domestic capital to fuel the startup ecosystem. He urged for reduced dependence on foreign venture capital, stating, ‘India has the depth and savings to create its own pool of patient capital.’ He called for long-term domestic funds, including pension and insurance funds, as well as family offices, to actively participate in venture investments. The minister also pointed to a significant government initiative: a Rs 1 lakh crore fund for research and development, which, when supplemented by private sector investments, could generate nearly Rs 10 lakh crore worth of innovation in the country due to India’s cost-effective innovation environment.
The role of Artificial Intelligence was a prominent theme at the awards. Satyan Gajwani, Chairman of Times Internet, delivered a keynote address underscoring the necessity for India to build AI innovation hubs where ‘talent, compute power, and capital converge to solve long-term problems.’ He stressed the need for ‘deep research, patient capital, and visionary policymaking’ to ensure India leads in the AI-driven future. The importance of AI was further echoed by Myntra’s CEO, Nandita Sinha, who stated that the company must become ‘AI-first’ to effectively engage India’s 400 million GenZ consumers. The awards also recognized companies leveraging AI, such as Qure.ai, which was among the winners.
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Goyal also acknowledged the growing influence of India’s tech ecosystem in strengthening the country’s negotiating position in global trade deals. He noted that listing in India has become ‘far more profitable and exciting than listing anywhere in the world,’ attracting Indians globally to re-engage with the domestic market, driven by the sheer demand of 1.4 billion people. The government’s consistent policy and clear economic direction were cited as factors attracting strong FDI inflows, positioning India as a ‘trusted partner and a stable investment destination.’
