India's Path to Sovereignty: Boosting Homegrown Innovation

Commerce and Industry Minister Piyush Goyal emphasizes the importance of developing resilient supply chains, reducing reliance on foreign technologies, and promoting swadeshi products for India's growth and sovereignty. He also highlights the potential of tech startups and the focus on deep tech investments for future innovation.

In a pivotal address at the TiEcon event, Commerce and Industry Minister Piyush Goyal underscored the critical need for India to establish resilient supply chains and reduce reliance on foreign technologies. Goyal advocated for a robust swadeshi push, stressing that it's not just about manufacturing in India but also about designing and innovating within the country.

He pointed out that the recent decade has served multiple wake-up calls, starting from the COVID-19 pandemic, highlighting how essential it is to have control over critical technologies and essential supplies to ensure the nation's long-term growth and sovereignty.

Additionally, Goyal noted the burgeoning valuations of Indian tech startups, proposing that the next edition of the fund of funds focus exclusively on deep tech investments. This initiative aims to support early-stage tech startups, helping them retain significant ownership and fostering homegrown innovation as India positions itself as a global leader in innovation.

(With inputs from agencies.)