Union Commerce and Industry Minister Piyush Goyal said on Sunday that Artificial Intelligence (AI) should be seen as an opportunity rather than a threat. He added that the technology will ultimately create jobs and new business opportunities in India.
Speaking at the Financial Express Best Banks Awards 2026 in Mumbai, Goyal urged businesses to move beyond using AI tools as simple search engines and instead focus on understanding and applying the technology across organisations. “AI is not a threat, it is an opportunity for each of you,” Goyal said during a conversation at the event.
He said many companies have started exploring AI, but questioned whether employees across all levels truly understand its capabilities and limitations. “I know some of you are working to exploit the benefits of AI. But have you ensured that everybody, from the peon up to the CEO, has started understanding what truly AI is? Or are we just using ChatGPT as a replacement for Google?” he asked.
Goyal said India has emerged as one of the largest users of AI tools, but much of that usage remains limited to basic information searches. “While we have the second-largest user base of ChatGPT in India, 99 per cent of that is a replacement of Google. If you ask a little smarter question, you get a little smarter answer. But for heaven’s sake, don’t trust those answers,” he said.
Human mind will remain supreme, says Piyush Goyal
The minister dismissed fears that AI will eliminate jobs on a large scale. He compared the current excitement around AI with concerns that surrounded the Y2K transition more than two decades ago. “India need not be worried. This AI ghost will also cool down. Right now it is running its course, let it run. I have no objection. But AI will ultimately become a job creator for India,” he said.
Goyal pointed to the software industry’s growth after the Y2K challenge as an example of how technological change often creates new opportunities instead of destroying them. “The software industry never looked back after the Y2K moment. The sky never fell on India’s head or anybody else’s head for that matter,” he said.
According to Goyal, AI will generate demand for new products, services and specialised skills. He said businesses will need professionals to build practical AI applications, monitor systems and tackle cyber threats that evolve alongside the technology. “Who will create applied applications of our AI technology? Who will clean up the bots that will be put by hackers? Somebody will have to clean it up,” he said.
He added that advances in AI would create a constant race between those developing new technologies and those attempting to misuse them. “Somebody will say AI will create a mechanism to clean up the bot. Then another AI will create another mechanism to uniquely put in more bots. It will be a cat-and-mouse game. At the end of the day, the human mind will always be supreme,” he said.
Use AI, but verify the output: Union Minister Goyal
Goyal also cautioned businesses against relying blindly on AI-generated content. He said the technology can improve efficiency and reduce the time needed for research and analysis, but human oversight remains essential.
The minister shared his own experience of testing AI platforms by asking them to prepare research reports on the same subject. “I have personally put in a question on two AI platforms and asked both of them to prepare a research report on some subject,” he said.
While the reports helped improve productivity, he said users still need to carefully examine the results. “It can add to efficiency, but you have to read each and every line. Otherwise, you will become Chatur from the movie 3 Idiots,” he said, referring to the film character known for memorising information without fully understanding it.
Financial Express Best Banks Awards 2026
Goyal’s remarks came at the Financial Express Best Banks Awards 2026, one of India’s leading recognitions for excellence in the financial sector. Held in Mumbai on June 7, the event brought together senior bankers, financiers, fintech executives and corporate leaders.
The awards recognise outstanding performance across banks, non-banking financial companies (NBFCs), small finance banks and fintech firms. Winners are selected by an independent jury with support from EY India, based on an assessment of growth, profitability, financial strength, governance standards and other operational parameters using Reserve Bank of India data over a three-year period.
Apart from honouring top-performing institutions across public sector, private sector and foreign banking categories, the awards also recognise digital lenders, innovative banking products and industry leaders who have built institutions of lasting significance.
