Delivering a powerful message to the ever-growing innovation ecosystem in the country, Commerce and Industry Minister Piyush Goyal has requested startups to be involved in creating frontier technologies in India. This request is inherently associated with the national project of Aatmanirbhar Bharat (Self-Reliant India), where the startup community becomes one of the most important operators to establish domestic self-reliance in the high-income technological sector.

Importance of developing frontier technologies

In a roundtable event organized at Bengaluru, Minister Goyal stated that Indian startups should invest efforts in new and innovative technologies within India. This targeted strategy will be critical in supporting the mission of Aatmanirbhar Bharat as held by the Minister. Through the creation of frontier technologies within its borders, India can become less dependent on foreign sources, guarantee their technological future, and become a technological innovator in the world.

The statements of the Minister emphasized a multi-faceted approach that would have to be adopted in order to nurture this culture of localized innovation. The strategy is based on three pillars. Scaling Domestic Capital, making more capital available in the country to finance innovative projects.

Developing Homegrown Funds, fostering the development and formation of Indian-based venture capital and investment funds. Promote to encourage Startups to participate, which will directly motivate startups to allocate resources and expertise into developing critical frontier technologies. This is considered a major effort in creating a strong Indian economy that is self-sufficient, resilient, and technologically sound. 

Commitment and high-level industry interaction

Minister Goyal confirmed the undying belief of the government to bring the ecosystem of support needed by the startup community, particularly the DeepTech ecosystem. DeepTech, covering fundamental, disruptive science and engineering breakthroughs, is considered one of the realms where national strategic advantage can be granted.

Some of the policy measures mentioned by the Minister as part of the proactive approach by the government seek to streamline operations and encourage entrepreneurship in the country. Empowering the DeepTech Ecosystem in India, and offering strategic support and resources to startups that develop complex, leading-edge technologies. Improving Ease of Doing Business, enacting policies that ease the administrative procedures and minimize the bureaucratic challenge to businessmen.

Reducing Compliance Burden, reducing legal and administrative burden on startups to allow them to focus on innovation and growth. Encouraging Innovation and Entrepreneurship, fostering a general atmosphere of risk-taking and commercialization of new ideas.

The comments of the Commerce and Industry Minister were recorded at a major round table conference in Bengaluru, a city that is known as the center of technological innovation in India. The event was used as a platform for direct communication between the government and the main stakeholders of the technology and investment industry.

At the roundtable, Minister Goyal interacted well with the industry leaders. Over 35 DeepTech and semiconductor startups, which are on the front lines of indigenous technological development. The financial resources needed to power such capital-intensive DeepTech and semiconductor ventures, more than 30 of them, the largest venture capital firms.

This close communication reinforced the purpose of the government to hear and cooperate with the private sector to realize the national objective of technological self-sufficiency, and in particular, the DeepTech and semiconductor industries. The sharing of ideas and views during this event will be to inform future policy-making decisions and to ensure that the government initiatives are in line with industry demands.

Conclusion

The speech by Commerce and Industry Minister Piyush Goyal is a strong appeal to Indian startups to take the lead in developing frontier technologies in the country in order to directly benefit the Aatmanirbhar Bharat vision. The Minister assured that the government is committed to strengthening the DeepTech ecosystem through enhancing the ease of doing business, minimizing compliance, and encouraging innovation. The top-tier roundtable featuring more than 35 DeepTech and semiconductor startups and 30 venture capital firms in Bengaluru is a definite pointer to the strategic relevance the government attaches to the startup community as an initiator of technological independence in India.