India’s Growth: Driven by Tech and Startups

Piyush Goyal Highlights India’s Bright Future

Union Minister Piyush Goyal recently shared some exciting news. He stated that new technologies, innovation, and a thriving startup scene will drive India’s growth in the coming years.

Key Points from Goyal’s Speech

• Science and technology will shape India’s growth.
• The startup scene is vibrant and full of potential.
• Research and development (R&D) and innovation are crucial.

Goyal spoke at an event organized by the IIT Madras Alumni Association in Chennai. He highlighted how India’s role in the global economy has changed. India is no longer just a nation seeking jobs. It is now a nation creating jobs.

Government Initiatives

The minister pointed out several initiatives to support the startup ecosystem:

• Startup fund of funds
• Various support programs
• Collaboration with organizations like IIT Madras

India is preparing for the future with policies that support cutting-edge technology. These technologies include artificial intelligence, machine learning, quantum computing, and data analytics.

Embracing New Technologies

Goyal emphasized that India welcomes new technologies. He believes these technologies will help India grow. Using these technologies in manufacturing, businesses, and the service sector is helping India become the fastest-growing large economy in the world.

He also noted that India continues to grow and engage internationally, even as global trade slows down.

Discussions with Industry Leaders

Later in the day, Goyal met with industry leaders, startups, and deeptech innovators. He was joined by Karnataka’s Minister for Commerce, Industries and Infrastructure, M B Patil. They talked about the need to simplify rules and speed up processes around patents and trademarks to better support businesses.

Major Government Initiatives

Goyal outlined major government initiatives aimed at encouraging innovation:

• Rs 10,000 crore Fund of Funds for Startups to support early and growth-stage deeptech ventures
• Rs 1 lakh crore R&D and Innovation (RDI) Scheme, providing long-term, low-cost capital through a dedicated Special Purpose Vehicle (SPV)

India’s Economic Strength

Goyal praised the strength of India’s economy in bouncing back after COVID-19. This recovery is driven by innovation, entrepreneurship, and strong policy support.

He also pointed to the rising global demand for ‘Made in India’ products. Better quality, design, and competitiveness across sectors such as electronics, manufacturing, pharmaceuticals, and textiles show India’s growing strength.

Commitment to Inclusive Growth

The minister concluded by reaffirming the government’s commitment to inclusive, innovation-led growth. He emphasized building a globally competitive industry in line with the vision of Viksit Bharat @2047.