India must cut reliance on foreign tech, weapons, and energy: Piyush Goyal

Commerce Minister Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal has said that India must urgently reduce its dependence on foreign technologies, weapons, and energy sources to secure long-term growth and national sovereignty.

Speaking at the TiEcon Delhi-NCR conference on the theme ‘India’s Deeptech Moment: From Digital Leadership to Technological Sovereignty’, Goyal emphasised that the spirit of Swadeshi must extend beyond manufacturing and services to achieve full technological independence.

Goyal said that India is determined to move beyond being the world’s back office to becoming a global innovation powerhouse, driving new ideas, products, and technologies for the future. Citing lessons from the pandemic and recent global disruptions, he underscored the need for resilient supply chains, indigenous innovation, and domestic control over critical technologies.

Highlighting India’s digital transformation since the launch of Digital India in 2014, Goyal noted that internet connectivity has grown from 250 million users to over one billion today. He said this connectivity has enabled major government initiatives such as Jan Dhan Yojana, Aadhaar, Direct Benefit Transfer, and PM-Kisan, making governance more transparent and efficient.

Goyal also pointed out that India’s rapid digital growth is powering its economic ascent—from the world’s fourth-largest economy to being on course to become the third-largest within two years, with a long-term goal of achieving a USD 30–32 trillion economy by 2047.

Outlining the government’s roadmap for deep technology (deeptech), Goyal said the ecosystem spans artificial intelligence, quantum computing, machine learning, defence and space technologies, semiconductors, and intellectual property development. He said the government and private sector are investing in both financial and intellectual capital to foster innovation and curiosity among India’s youth.

He announced that the second edition of the Startup Fund of Funds will focus on early-stage deeptech ventures, providing risk capital to help innovators retain ownership and develop homegrown solutions. He also announced a Rs 1 lakh crore Anusandhan Fund (approximately USD 12 billion) to promote research, innovation, and long-term financing for transformative projects.

Goyal expressed confidence in India’s immense talent pool, noting that the country produces 15 lakh engineers and 24 lakh STEM graduates annually—among the highest in the world. He said global recognition of India’s deeptech startups reflects the country’s emergence as a hub of technological talent.

Encouraging entrepreneurs to be bold and globally competitive, Goyal said, “India is like a ship meant to sail and explore new frontiers, not remain anchored in the harbour.” He called for stronger collaboration between investors, startups, industry bodies such as TiE, and alumni networks of premier institutes like IITs to build a robust innovation ecosystem.

Goyal concluded by reaffirming the government’s support for innovators and entrepreneurs, urging all stakeholders to work together to make India a global leader in deep technology and self-reliance.