Reducing foreign dependence vital for Indias technological future: Piyush Goyal

During the TiEcon Delhi-NCR conference, Union Minister of Commerce and Industry, Piyush Goyal, emphasized the urgent need for India to cultivate its own technological capabilities and reduce reliance on foreign sources for essential inputs. According to a statement from the Ministry of Commerce & Industry, Goyal expressed that India has committed to transitioning from merely being a global back office or software service provider to becoming a leading hub of innovation that develops new ideas, products, and technologies. Goyal articulated that the essence of the Swadeshi movement extends beyond manufacturing and service; it encompasses ensuring long-term growth, national sovereignty, and security amid an uncertain global landscape. He pointed out that recent global disruptions have underscored the necessity for resilient supply chains, indigenous innovation, and mastery over critical technologies. Acknowledging the role of TiE in motivating young innovators, Goyal described the conference as a significant step towards elevating India's deeptech sector. He highlighted the country's impressive digital journey over the past decade, recalling the 2014 launch of the Digital India initiative. When the current government took office, India had approximately 250 million internet users; today, that number has surged to over 1 billion connected individuals. The minister elaborated on the government's vision for the deeptech landscape, which includes advancements in artificial intelligence, quantum computing, machine learning, defense and space technologies, and the semiconductor initiative. He noted that the government is actively investing not only financial resources but also considerable efforts to bolster the deeptech ecosystem in India. Goyal announced the second edition of the Startup Fund of Funds, which aims to focus on early-stage investments in deeptech ventures, providing crucial risk capital to help innovators maintain ownership and cultivate indigenous technologies. Additionally, he introduced the ₹1 lakh crore Anusandhan Fund, approximately USD 12 billion, dedicated to fostering research, innovation, and sustainable financing for transformative projects. Expressing confidence in the nation's talent pool, Goyal remarked that India produces the highest number of engineers and STEM graduates globally, with figures reaching 1.5 million engineers and 2.4 million STEM graduates annually. He stated that the global community now recognizes India as a capital of talent and skill, with Indian deeptech startups gaining recognition as prominent innovators worldwide. The minister reaffirmed the government's commitment to supporting innovators, assuring that he is always available to discuss ideas that will enhance India's technological foundation.