Developing nations like India set to become future growth engines of the World: Piyush Goyal

THEBUSINESSBYTES BUREAU

NEW DELHI, MARCH 6, 2026

Developing nations like India are set to become the future growth engines of the world, and greater academic exposure to India will significantly benefit students from developed countries in shaping their future careers, Union Minister of Commerce and Industry Piyush Goyal said on Thursday.

Addressing the Vice Chancellors’ Conclave on “Reimagining Internationalisation of Higher Education for Viksit Bharat 2047” in New Delhi, the Minister highlighted the immense potential of education as a service in strengthening India’s export earnings while expanding the global footprint of Indian higher education institutions.

Goyal said he was keen to engage with Vice Chancellors to understand their ideas and perspectives on the future direction of higher education in India. He expressed satisfaction that the Ministry of Commerce and the Indian Institute of Foreign Trade (IIFT) are taking the lead in exploring how education services can contribute significantly to India’s export economy and global academic outreach.

The conclave served as a platform for thematic discussions and expert deliberations on the internationalisation of higher education, focusing on international academic partnerships, student mobility, regulatory frameworks and dual degree programmes. Participants also examined global trends in education mobility and explored strategies to enhance the international competitiveness of Indian higher education institutions.

Highlighting India’s rising global role, Goyal said countries that are currently developing or less developed are likely to become the future drivers of global growth. In this context, he said that students from developed countries would greatly benefit from spending time in India to understand the country’s economic, cultural and societal dynamics.

He noted that this growing recognition is already evident during negotiations of services chapters in Free Trade Agreements (FTAs). According to the Minister, the nine FTAs finalised under the leadership of Prime Minister Narendra Modi have all been signed with developed economies, enabling India to expand its engagement with more evolved markets. As a result, nearly two-thirds of global trade is now covered through India’s FTAs.

Goyal said this marks a significant shift in India’s global engagement strategy. Unlike earlier times, when negotiations were often shaped by a colonial mindset or weaker bargaining position, India now engages confidently with the world from a position of strength.

Emphasising India’s growing economic influence, the Minister said the country currently contributes nearly 20 per cent of global growth and has already emerged as a major growth engine. In the future, he added, younger generations across the world will increasingly need to work with and understand countries like India.

The Minister also highlighted the transformative reforms undertaken in the education sector through the National Education Policy 2020. He said the policy was developed through extensive consultations with educationists and stakeholders across the country and abroad, receiving nearly three lakh suggestions and feedback before being finalised.

According to Goyal, the policy reflects the consultative approach of Prime Minister Narendra Modi and has opened India’s academic ecosystem to global standards, while encouraging expansion of institutions and attracting international students.

He noted that the policy has enabled international universities to establish campuses in India and facilitated collaborations between foreign and Indian institutions to offer dual degree programmes. It has also encouraged cross-border student exchanges, allowing Indian students to gain exposure to global education systems while inviting international students to experience India’s academic environment.

Goyal suggested innovative models to encourage students from developed countries to study in India, such as a three-year programme where students could spend one year in India and two years in their home institution, or split their academic period equally between both institutions. Such arrangements, he said, would help students understand how developing economies think, work and interact with culture and society.

Addressing Vice Chancellors present at the conclave, the Minister described them as architects of India’s future, stressing their crucial role in shaping the minds of young Indians and preparing them for emerging global challenges.

He emphasised that higher education institutions must evolve with changing times and that teachers should continuously undergo retraining and relearning to stay updated with modern curricula and future-oriented knowledge.

Goyal cautioned that outdated curricula cannot prepare students for the future, urging institutions to remain agile and responsive to emerging opportunities. He also underlined the importance of internationalising India’s trade, manufacturing and services sectors, along with engaging with advanced technologies such as artificial intelligence, quantum computing and machine learning, which will play a critical role in sustaining India’s growth momentum.

Educational institutions, he said, must reassess their curricula and teaching approaches accordingly, incorporating subjects such as international trade and India’s Free Trade Agreements so that students can better understand opportunities in the evolving global economy.

Expressing confidence in India’s academic potential, the Minister said students who understand international law, global trading rules and the advantages arising from FTAs will play a key role in advancing the vision of Viksit Bharat during the Amrit Kaal.

He further expressed hope that the current ratio of 28 Indian students going abroad for every one international student coming to India would eventually be reversed. In the coming years, he said, India could attract nearly 1.3 million foreign students to study in its institutions while fewer Indian students feel the need to pursue education overseas.

The Minister concluded by calling for stronger collaboration among academia, government and industry to realise the vision of internationalising higher education and transforming India into a global education hub by 2047.

Vice Chancellor of IIFT, Rakesh Mohan Joshi, said the conclave created a collaborative platform for academic leaders to reflect on how Indian institutions can strengthen global engagement while contributing to the broader national vision of Viksit Bharat 2047. “India has immense potential to emerge as a global destination for quality education. Through initiatives such as the Vice Chancellors’ Conclave, IIFT seeks to catalyse partnerships and dialogue that will strengthen internationalisation of Indian higher education,” he said.

The conclave was attended by several eminent academic leaders including Pro-Chancellor Prof. Prem Vrat, Vice-Chancellor of Jawaharlal Nehru University Prof. Santishree Dhulipudi Pandit, Director of Indian Institute of Science Prof. T. G. Sitharam, and Chairman of the Executive Committee of National Assessment and Accreditation Council Prof. Anil Sahasrabudhe.

Distinguished academic leaders and Vice Chancellors from institutions such as the Indian Institutes of Management, Jawaharlal Nehru University, Jamia Millia Islamia, University of Southampton, Jamia Hamdard, the Central University of Tamil Nadu, North Eastern Hill University, Dr. B.R. Ambedkar University Delhi and Netaji Subhas University of Technology, along with policymakers and global academic representatives, also participated in the deliberations.