REDUCING FOREIGN DEPENDENCE KEY TO INDIA’S TECHNOLOGICAL FUTURE: PIYUSH GOYAL

New Delhi, Oct 30, 2025 : Union Minister of Commerce and Industry Piyush Goyal on Wednesday emphasized that reducing foreign dependence and developing indigenous technologies are critical for India’s long-term growth, sovereignty, and security. Addressing the TiEcon Delhi-NCR conference on the theme “India’s Deeptech Moment: From Digital Leadership to Technological Sovereignty”, the Minister said India is transforming from being the world’s back office to becoming a global engine of innovation.

Goyal underlined that the spirit of Swadeshi goes beyond manufacturing or service delivery – it represents a commitment to self-reliance and strategic autonomy in an unpredictable global environment. Drawing lessons from recent global disruptions such as the COVID-19 pandemic, he highlighted the need for resilient supply chains, indigenous innovation, and control over critical technologies.

“India has resolved to move away from being just a software provider to the world and emerge as a nation that drives innovation, creates technology, and shapes the future,” Goyal said.

The Minister lauded TiE for its efforts in nurturing young entrepreneurs and fostering engagement with deep technologies. He termed the conference a key milestone in India’s “deeptech ascent.”

Reflecting on India’s digital journey, Goyal recalled that when the government launched Digital India in 2014, the country had about 250 million internet users. Today, over one billion Indians are connected online, enabling flagship programmes such as Jan Dhan Yojana, Aadhaar, Direct Benefit Transfer, and PM-Kisan to deliver benefits efficiently and transparently.

He noted that technology-driven reforms have powered India’s rise as the world’s fourth-largest economy, with the nation poised to become the third-largest within two years and achieve the vision of a USD 30–32 trillion economy by 2047.

Outlining the government’s vision for building a vibrant deeptech ecosystem, Goyal said the sector spans artificial intelligence, quantum computing, machine learning, defence, space technologies, and semiconductors, as well as strengthening India’s intellectual property framework.

He announced that the second edition of the Startup Fund of Funds will focus on early-stage deeptech ventures, offering risk capital to innovators developing indigenous technologies. The government will also roll out a ?1 lakh crore Anusandhan Fund (USD 12 billion) to promote research, innovation, and long-term financing for breakthrough projects.

Goyal stressed that these initiatives reflect Prime Minister Narendra Modi’s vision of reducing dependence on foreign technologies, weapons, and energy sources, while encouraging homegrown innovation.

Highlighting India’s strong human capital, Goyal said the country produces 15 lakh engineers and 24 lakh STEM graduates annually – the highest in the world – making it a global hub of talent and skill. He noted that Indian deeptech startups are already gaining recognition as world-class innovators.

Encouraging entrepreneurs to think ambitiously, Goyal remarked that India must be like a ship designed to explore new horizons rather than remain safely anchored. He urged investors, startups, and institutions – including the IIT alumni network and industry bodies like TiE – to collaborate in advancing India’s deeptech ambitions.

Reaffirming the government’s open-door policy for innovators, he said,

“My doors are always open for ideas that strengthen India’s technological foundation.”

Goyal concluded by calling on all stakeholders to work together to make India a hub of deeptech innovation, driving the technologies that will define the future.