Piyush Goyal's Vision for India's Technological Sovereignty: A Deeptech Revolution

Commerce and Industry Minister Piyush Goyal emphasized the importance of resilient supply chains and technological sovereignty for India's growth. He highlighted the need to reduce reliance on foreign technologies and promoted 'swadeshi' innovation. Goyal also revealed plans for a fund of funds focusing on deep tech investment.

Commerce and Industry Minister Piyush Goyal underscored the necessity for India to develop resilient supply chains and maintain control over key technologies to ensure the nation's growth and sovereignty. Addressing the TiEcon Delhi-NCR event, Goyal emphasized India's goal of transforming from a software hub to a global innovation engine.

The minister highlighted the country's dependency on imported crude oil and defense equipment as a concern, advocating for reduced reliance on foreign technologies, energy sources, and critical machinery. The promotion of 'swadeshi' products, according to Goyal, is vital for long-term national progress.

Goyal announced a second edition of the fund of funds dedicated entirely to deep tech investments, particularly in early-stage ventures. This initiative aims to enable Indian tech startups to retain ownership and propel their technological advancements, addressing areas like artificial intelligence and quantum computing.

(With inputs from agencies.)