Key Takeaways
- India aims to reduce foreign tech dependence and become a global innovation leader
- ₹1 lakh crore Anusandhan Fund launched for research and transformative projects
- Startup Fund of Funds to prioritize early-stage deeptech investments
- India produces world’s highest number of engineers and STEM graduates annually
Union Minister Piyush Goyal has emphasized that reducing foreign dependence and developing indigenous technologies is crucial for India’s technological sovereignty and long-term security. Speaking at the TiEcon Delhi-NCR conference, the Commerce and Industry Minister outlined India’s strategic shift from being a global back office to becoming an innovation powerhouse.
From Software Provider to Innovation Engine
Goyal stated that India has resolved to transform from a software services provider into a global engine driving new ideas, products, and future technologies. He explained that the spirit of Swadeshi extends beyond manufacturing to ensuring long-term growth and security in an unpredictable global environment.
The minister highlighted lessons from recent global disruptions, stressing the importance of resilient supply chains, indigenous innovation, and control over critical technologies.
Digital Transformation and Deeptech Vision
India’s digital landscape has undergone remarkable transformation, growing from 250 million internet users in 2014 to over 1 billion connected individuals today. Goyal recalled the launch of Digital India as a pivotal moment in this journey.
The government’s deeptech vision encompasses artificial intelligence, quantum computing, machine learning, defence and space technologies, semiconductors, and strengthening intellectual property ecosystems.
Major Funding Initiatives Announced
Goyal announced significant financial support for the innovation ecosystem:
- Startup Fund of Funds (Second Edition): Focused on early-stage deeptech ventures, providing risk capital to help innovators retain ownership
- Anusandhan Fund: ₹1 lakh crore (approximately $12 billion) for research, innovation, and long-term financing of transformative projects
India’s Talent Advantage
The minister expressed confidence in India’s vast talent pool, noting that the country produces 1.5 million engineers and 2.4 million STEM graduates annually – the highest in the world. He stated that the global community now recognizes India as the capital of talent and skill, with Indian deeptech startups already gaining international recognition.
Goyal reaffirmed the government’s commitment to supporting innovators, stating that his doors remain open round the clock for ideas that strengthen India’s technological foundation.
