Piyush Goyal

Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, Textiles, Government of India

Piyush Goyal (59) is the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, Textiles, and Leader of the House, Rajya Sabha. He has previously helmed the Ministry of Railways, Finance, Corporate Affairs, Coal, Power, New & Renewable Energy, and Mines.

KEY MILESTONES UNDER HIS TENURE: 

India clocked its highest-ever exports of about $776 Bn in 2022-23

Led the signing of a Free Trade Agreement (FTA) with UAE, the fastest-ever negotiated FTA globally, & India-Australia Economic Cooperation and Trade Agreement (ECTA), India’s 1st agreement with a developed country after a decade

Oversaw the launch of Production Linked Incentive (PLI) Schemes to boost Make In India

Led the implementation of the world’s largest food security program, Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) by distributing free foodgrains to nearly 80 crore poor and vulnerable people over a 2-year period

As Minister of Railways, helped India achieve the best-ever safety record of zero passenger deaths in rail accidents

As Power, Coal, and New & Renewable Energy Minister, successfully implemented the world’s largest LED bulb distribution program (UJALA)

Was awarded the 4th Annual Carnot Prize in 2018 in recognition of pathbreaking transformations in India’s energy sector by making energy efficiency a people’s movement. Carnot Prize is the most prestigious award in the energy sector given by the Kleinman Center for Energy Policy at the University of Pennsylvania for distinguished contributions to energy policy through scholarship or practice.

POLITICAL JOURNEY: 

During his 35-year-long political career, he has held several important positions at different levels in the world’s largest political party, the Bharatiya Janata Party (BJP), and is in its National Executive. He has also been the National Treasurer of the Party.

PERSONAL LIFE: 

He has had a brilliant academic record – an all-India second-rank holder Chartered Accountant and a second-rank holder in Law from Mumbai University. He was also a well-known investment banker. His father, Late Vedprakash Goyal was Union Minister of Shipping, and the National Treasurer of the BJP for over two decades. His mother Chandrakanta Goyal was elected thrice to the Maharashtra Legislative Assembly from Mumbai. He is married to Seema, an active social worker, and has two children – Dhruv and Radhika

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The Next Gen: DISRUPTION

Economic Disruption: We live in an era of disruption in which powerful global forces are changing how we live and work. Powerful disruptions are changing our world. The gig economy, remote work, and the sharing economy have disrupted traditional employment models. The new generation is often at the forefront of these economic changes, seeking flexibility and independence in their careers.

Technological Disruption: The new generation is witnessing rapid technological advancements and digital transformation. They are at the forefront of embracing and driving these changes, leading to disruptions in various industries. Examples include the rise of blockchain, artificial intelligence, and the gig economy. Frontier technologies such as the Internet of Things, smart robotics, automation, and artificial intelligence are boosting productivity growth, raising prosperity, and replacing mundane or dangerous tasks. They have the potential to do good across a wide range of domains, from healthcare to education

Cultural Disruption: Social movements and changing cultural norms are disrupting traditional societal structures. The new generation is actively involved in advocating for gender equality, LGBTQ+ rights, and racial justice, challenging the status quo and pushing for more inclusive societies. The connection between resilience, equity and inclusion is widely accepted by policymakers: evidence has shown that creating more equitable and inclusive societies is a crucial part of any economic strategy focused on resilience and recovery.

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The Next Gen: DEVELOPMENT

Skill Development: The new generation places a strong emphasis on personal growth and development. They prioritize continuous learning, self-improvement, and mental well-being. Tools like online courses, self-help apps, and social networks play a significant role in their development journey. It is important to have a conversation about how to begin closing the gap between what our students are learning and what the demands of the workforce will be once they enter. Half of us will need to reskill in the next five years, as the "double disruption" of the economic impacts of the pandemic and increasing automation transforming jobs takes hold.

Sustainable Development: This generation of leaders bears the responsibility of preserving and advancing the legacies of their businesses while actively championing sustainable practices across businesses, governments, local communities, and personal lifestyle changes to secure a brighter future for the planet. Sustainability, the buzzword across the world today, will have to take on a new avatar and become the soul of every organization - business or otherwise. Businesses cannot succeed in societies that fail.

Social Development: The next generation is deeply rooted in creating positive change in society by incorporating CSR, promoting digital literacy, improving access to quality education, and supporting public health initiatives. Smart living is about adapting the fruits of technology through models that are scalable, profitable and, importantly, ecologically and socially more sustainable.

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The Next Gen: DIVERSIFICATION

Geographical Diversification: The prime focus of the new-gen leaders will be on a geographic diversification strategy, either domestically or internationally, aiming to integrate its products and services as a routine in consumers’ lifestyles. This will mitigate the risks associated with regional economic fluctuations. In an interconnected world, diversity, shaped by globalization and technological advances, forms the fabric of modern society.

Business Diversification: The strategic expansion and diversification of businesses with investments in newer business avenues, will enhance the return on investment, reflecting the forward-thinking approach of the next-generation leaders' eagerness to innovate. Companies are discovering that, by supporting and promoting diverse products and services, they are gaining benefits that go beyond the optics.

Workforce Diversification: To achieve geographical and business diversification, the next generation of leaders will aim at prioritizing workforce diversity, to boost job growth and create together a multitude of ideas and perspectives, igniting innovation and creativity. In times of increasing disruption and uncertainty, companies need to continue to prioritize diversity and inclusiveness (D&I) for the benefit of their culture — and their bottom line.

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