Industry tag concept is outdated: Piyush Goyal on AI getting industry status

Union Commerce Minister Piyush Goyal

Artificial Intelligence (AI) getting industry status will curb its ability to compete with the best in the world, Piyush Goyal, Minister of Commerce and Industry said at the Mumbai Tech Week (MTW) on March 1. He added that the industry tag is an outdated concept and that it should remain independent and successful.

Goyal’s comments come at a time when AI took centre stage in policy and industry conversations at the two-day Mumbai event.

“Industry tag was asked to avail the benefits of bank loan, easier interest, etc,. In today's world, what matters is our mind, mind over matter, and our ability to engage and compete with the best in the world,” Goyal said.

He added, “End of the day what matters is whether you are successful or you're not. Industry tag's ghost is very outdated.”

Goyal compared the bureaucracy and stringent regulations that comes with being accorded the status of an industry with the rapid growth seen in the IT sector as they ignored the structural norms to resolve their issues on their own.

“One of the defining features (of the IT sector) was they kept the government away. IT industry never came to the government, we have to call them, they never ask for anything. They ask the government to stay away from the industry. And look at their success story,” he said reminding the audience of the technology boom in the country.

Goyal highlighted the Y2K event, when in the year 1998-99, at the turn of the century on December 31, 1999, companies across industries started preparing to face an apocalypse of sorts. And IT companies ended up getting a hell lot of work at Infosys, Wipro etc.

“Success is the only tag we will give to AI in Mumbai. On the contrary, why do want to take the (industry) tag and invite tax inspectors at your door,” Goyal said.

Goyal added, “I would urge you to be independent, stand on your own feet. It is a far better job, you all will be far better in your work and innovative and successful.”