10 July: NEW DELHI: Union Commerce and Industry Minister Piyush Goyal has said that India has emerged as the fastest-growing major economy in intangible investments, highlighting the country’s increasing focus on innovation, technology, intellectual property, and knowledge-driven growth.
Addressing an event, the minister stated that investments in intangible assets such as research and development (R&D), digital technologies, software, artificial intelligence, patents, branding, and skilled human capital are becoming key drivers of India’s economic transformation.
Goyal noted that the country’s emphasis on innovation-led development has strengthened its global competitiveness and positioned India as a preferred destination for investment and technological advancement. He said the government’s policy initiatives have encouraged startups, entrepreneurs, and industries to invest in innovation and value creation.
The minister emphasized that intangible investments are playing an increasingly important role in modern economies by enhancing productivity, improving business efficiency, and supporting sustainable long-term growth. He added that India’s expanding digital infrastructure and thriving startup ecosystem have accelerated this transition.
According to Goyal, initiatives such as Digital India, Startup India, Make in India, and investments in emerging technologies have created an environment that supports innovation and entrepreneurship. These programmes have helped businesses adopt advanced technologies while generating employment opportunities and boosting economic growth.
The minister also highlighted the importance of intellectual property creation, research institutions, and skill development in building a knowledge-based economy. He said India is witnessing significant progress in sectors such as fintech, biotechnology, electronics, software services, and advanced manufacturing.
Industry experts believe that growing investments in intangible assets are strengthening India’s position in the global innovation landscape. Increased spending on technology, data, software, and research is enabling companies to improve competitiveness and create high-value products and services.
Goyal reiterated that the government remains committed to creating a business-friendly environment through policy reforms, ease of doing business initiatives, and infrastructure development. These measures, he said, are helping attract both domestic and foreign investment across multiple sectors.
The minister further noted that India’s young workforce, expanding digital ecosystem, and strong entrepreneurial culture provide a solid foundation for future economic growth. He expressed confidence that continued investments in innovation and knowledge-based industries would support the country’s long-term development goals.
Economists observe that intangible investments have become a critical indicator of economic progress in the digital age. Countries that invest in technology, research, education, and intellectual property are better positioned to achieve higher productivity and sustainable growth.
As India continues to strengthen its innovation ecosystem, the government aims to further promote research, technological development, and entrepreneurship to enhance the country’s global economic standing. Officials believe that sustained investments in intangible assets will play a vital role in realizing the vision of a developed and self-reliant India.
