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Updated: July 05, 2025 21:12
Union Minister Piyush Goyal has declared new technologies to be the pivot of India's economic ascension, making the nation a job-creating economy from a job-seeking economy and a center of the world's innovation. In the IIT Madras Alumni Association's Sangam 2025 conference, Goyal envisioned a future where science, startups, and intelligent policy join hands to script India's next growth story.
KEY TAKEAWAYS FROM THE SPEECH
India is evolving from a job-seeking nation to a job-creating giant
Technologies like AI, quantum computing, and data analytics are the hub of this transformation
The government is actively promoting innovation through avenues of large funding programs and policy changes
Institutions like IIT Madras are leading the way to create deep-tech talent and entrepreneurship
POLICY PUSH & FUNDING INITIATIVES
Rs 10,000 crore Fund of Funds for Startups (FFS) to enable early and growth-stage startups
Rs 1 lakh crore Research & Development and Innovation (RDI) Scheme for providing long-term, low-cost capital
Special Purpose Vehicle (SPV) model to enable R&D funding and delivery
Highlight easing regulatory constraints, especially on patents and trademarks
INNOVATION ECOSYSTEM SNAPSHOT
India's startup culture is now recognized globally with resilience and innovation
Government, industry, and academia collaborations are influencing tech adoption
Indian Made products are picking up international momentum in electronics, pharma, textiles, and manufacturing
Post-COVID recuperation has been propelled by digital growth and growth driven by innovation
FUTURE-READY VISION
Emphasize the creation of a technology-led, inclusive economy according to the Viksit Bharat @2047 vision
Promoting young people and scholars to spearhead the cutting-edge technologies
Prioritization of international cooperation and international trade liberalization through leadership in technology
SOURCE The Economic Times, The Hindu BusinessLine, ThePrint
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