India leading global tech race with cost-effective innovation: Piyush Goyal

New Delhi, July 5: Union Commerce and Industry Minister Piyush Goyal said on Saturday that India is emerging as a global leader in technology and innovation, driven by its young population, cost-effective R&D ecosystem, and forward-looking policies.

He asserted that India's embrace of technologies like artificial intelligence, machine learning, quantum computing, and data analytics is helping the country move up the global growth chart.

In a video message shared on the social media platform X, Goyal highlighted that India’s innovation costs are significantly lower than those in Western economies.

“When we work on new technologies in India, our cost is nearly one-sixth or one-seventh of what it would be in Switzerland or Europe or America,” he said.

He pointed out that with a $12 billion investment in innovation, India can effectively generate outcomes worth $100 billion -- the equivalent cost in developed nations.