India's Tech Revolution: Why Goyal Says Reducing Foreign Dependence Is Vital

According to a Ministry of Commerce & Industry press release, Goyal said that India has resolved, as a nation, to move away from being just a back office or software provider to the world and to emerge as a global engine of innovation that drives new ideas, products, and technologies for the future. He noted that the spirit of Swadeshi is not only about making, designing, or serving from India, but about ensuring long-term growth, sovereignty, and security in an increasingly unpredictable global environment.

The minister highlighted the lessons from recent global disruptions, emphasizing the importance of resilient supply chains, indigenous innovation, and control over critical technologies.

The Minister lauded TiE for inspiring young innovators and entrepreneurs to engage with deep technology, terming the conference a forerunner to India's deeptech ascent.

The Minister highlighted India's remarkable digital transformation over the last decade, recalling the launch of the Digital India initiative in 2014. He noted that when the government assumed office, India had around 250 million internet users, whereas today it proudly counts over 1 billion connected individuals.

He stated that the foundation of India's growth rests on the power of technology and innovation.

Elaborating on the government's vision for the deeptech ecosystem, Goyal said that deeptech encompasses artificial intelligence, quantum computing, machine learning, defence and space technologies, the semiconductor mission, and the strengthening of India's intellectual property ecosystem.

The Minister noted that the government, along with well-meaning individuals and organisations, is investing not only financial resources but also efforts to promote the deeptech ecosystem in India.

The Minister announced that the second edition of the Startup Fund of Funds will focus primarily on early-stage investments in deeptech ventures, providing risk capital to help innovators retain ownership and develop indigenous technologies. He also mentioned the launch of a Rs 1 lakh crore Anusandhan Fund, equivalent to approximately USD 12 billion, to promote research, innovation, and long-term financing for transformative projects.

The Minister expressed confidence in India's vast talent pool, noting that the country produces 15 lakh engineers and 24 lakh STEM graduates every year, the highest in the world. He said that the global community now looks to India as the capital of talent and skill, and that Indian deeptech startups are already being recognised among the world's leading innovators.

He reaffirmed the government's support for innovators, stating that his doors remain open round the clock for ideas that strengthen India's technological foundation.

- ANI