New Delhi, October 29, 2025 – Union Minister of Commerce and Industry Piyush Goyal emphasized the critical need for India to reduce its dependence on foreign technology and strengthen domestic capabilities to secure its technological future. Speaking at the TiEcon Delhi-NCR conference, an event focused on deep technology and entrepreneurship, Goyal outlined the government's vision for a self-reliant and vibrant deep tech ecosystem driven by innovation and youth engagement.
Goyal highlighted that reducing dependence on foreign technologies, energy sources, and critical supplies is crucial for India's long-term growth, sovereignty, and security in an increasingly unpredictable global environment. He stressed the importance of resilient supply chains and indigenous innovation, drawing lessons from recent global disruptions such as the COVID-19 pandemic. These events served as "wake-up calls," highlighting the necessity for nations to have control over essential supplies and critical technologies. He also advocated for decoupling and protecting the country from overdependence on certain geographies.
"India today has resolved to move away from just being the back office of the world or a software provider to become a global engine of innovation," Goyal stated. He lauded India's digital transformation over the last decade, recalling the launch of the Digital India initiative in 2014, which has spurred unprecedented opportunities, including financial inclusion and the UPI revolution. The Minister noted India's remarkable digital transformation over the last decade.
Goyal also touched upon India's artificial intelligence journey, emphasizing the country's strong technology ecosystem and talent base. Through the India AI mission, the government is focused on building an inclusive and innovation-driven framework that provides access to compute infrastructure, quality datasets, and AI tools.
Furthermore, Goyal said that technology and innovation will be the foundation of India's economic growth as the country aims to become the third-largest economy within two years and achieve a USD 30–32 trillion economy by 2047 under the Viksit Bharat vision. He noted that the spirit of Swadeshi is not only about making, designing, or serving from India but about ensuring long-term growth, sovereignty, and security.
The Minister also commended TiE for its efforts in inspiring young innovators and entrepreneurs to engage with deep technology, calling the conference a forerunner to India's deep tech ascent. He noted that Indian tech startups are receiving huge valuations worldwide. Goyal also mentioned that the second edition of the fund of funds may be dedicated entirely to deep tech investment, especially in early-stage investments, to prevent startups from selling large parts of their equity too early.
