New technologies will define India's growth story: Union Minister Piyush Goyal
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Union Minister Piyush Goyal on Saturday said new technologies will define India's growth story in the coming years.Addressing the IIT Madras Alumni Association's Sangam 2025 event here, he said, "Your science, your technology, combined with this vibrant startup ecosystem, R&D, and innovation, will shape the India growth story of the future."Goyal said India is transforming from a country known for seeking jobs to becoming a nation of job creators."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," he said.He said India's policies are designed to build a future-ready nation-one that embraces technology, adapts to new ways of working and living, and leads in areas like 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," he said.According to him, it helps India buck the trend of slowing global trade while continuing to expand its international engagements.Later, Goyal also held an interaction session with industry leaders, startups & deeptech innovators in the presence of Karnataka Minister for Commerce and Industries and Infrastructure M B Patil, where he emphasised the importance of easing regulatory frameworks, expediting the process related to patents and trademarks to foster a business-friendly environment.Highlighting India's robust innovation framework at the session, Goyal detailed the government's efforts in launching the Rs 10,000 crore Fund of Funds for Startups (FFS) supporting early and growth-stage deeptech startups; the Rs 1 lakh crore Research & Development and Innovation (RDI) Scheme, offering long-term, low-cost capital to private sector R&D offering long-term, low-cost capital through a dedicated Special Purpose Vehicle (SPV), an official release said.He also emphasised the remarkable resilience of India's economy post-COVID, powered by innovation, entrepreneurship, and robust policy support, which is now globally recognised.The Union Minister also underscored the rising global reputation of 'Made in India' products, driven by improvements in quality, design, and competitiveness, across sectors including electronics, manufacturing, pharmaceuticals, and textiles also stands testament to India's growing economic stature.He also reaffirmed the Centre's commitment to enabling inclusive, innovation-led growth and building a globally competitive industry ecosystem aligned with the vision of Viksit Bharat @2047.
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