India's growth story: New technologies to shape future; Piyush Goyal highlights boost to startup ecosystem
Speaking at an IIT Madras Alumni Association's Sangam 2025 event in Chennai, Goyal said, "Your science, your technology, combined with this vibrant startup ecosystem, R&D, and innovation, will shape the India growth story of the future.
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He highlighted the shift in India's role in the global economy, from a nation known for seeking jobs to one that is now creating them.
'Of course, in some small measures, we have tried to be part of the startup ecosystem, the startup fund of funds, and various other initiatives to support the startup ecosystem, coupled with the work organisations like IIT Madras have done,' PTI quoted the minister.
The minister said that India is preparing for the future with policies that support the use of cutting-edge technology, especially in fields such as artificial intelligence, machine learning, quantum computing, and data analytics.
"We don't shy away from new technologies. We believe these technologies will help us as we climb the growth chart. Absorbing these technologies in our activities—in manufacturing, businesses, and the service sector—is holding us in good stead, helping us become the fastest-growing large economy in the world," Goyal said.
He also noted that India continues to grow and engage internationally even as global trade slows down.
Later in the day, Goyal also held a discussion with industry leaders, startups, and deeptech innovators, joined by Karnataka's Minister for Commerce, Industries and Infrastructure, M B Patil. He spoke about the need to simplify rules and speed up processes around patents and trademarks to support businesses better.
He also outlined major government initiatives aimed at encouraging innovation, including the Rs 10,000 crore Fund of Funds for Startups to support early and growth-stage deeptech ventures, and the Rs 1 lakh crore R&D and Innovation (RDI) Scheme, which provides long-term, low-cost capital through a dedicated Special Purpose Vehicle (SPV).
Goyal praised the strength of India's economy in bouncing back after COVID-19, driven by innovation, entrepreneurship, and strong policy support.
He also pointed to the rising global demand for 'Made in India' products, saying that better quality, design, and competitiveness across sectors such as electronics, manufacturing, pharmaceuticals, and textiles show India's growing strength.
The minister concluded by reaffirming the Centre's commitment to inclusive, innovation-led growth and to building a globally competitive industry in line with the vision of Viksit Bharat @2047.
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