Piyush Goyal Calls on Startups to Innovate with Frontier Technologies in India

Scaling Domestic Capital for a Self-Reliant Bharat

In recent discussions, Commerce and Industry Minister Piyush Goyal emphasized the necessity of harnessing domestic capital, nurturing homegrown funds, and fostering startups to contribute to India’s vision of ‘Aatmanirbhar Bharat,’ which translates to self-reliant India. This conversation, centered around the development of frontier technologies in India, marks a pivotal moment in the country’s journey toward becoming a global innovation hub.

Commitment to the DeepTech Ecosystem

Goyal reaffirmed the government’s unwavering commitment to enhancing India’s DeepTech ecosystem, aiming to streamline the ease of doing business and significantly reduce the compliance burden on startups. He highlighted the importance of promoting innovation and entrepreneurship as critical pillars for a thriving economy. By creating an environment conducive to growth, the government aims to empower startups and investors alike to bring groundbreaking technologies to market.

Engaging with the Startup Community

During a roundtable held in Bengaluru, Goyal interacted with representatives from over 35 DeepTech and semiconductor startups, alongside more than 30 leading venture capital firms. This gathering served as a platform for open dialogue, wherein startups had the opportunity to share their insights and challenges directly with policymakers.

Notable participants included Agnit Semiconductors, QpiAI, and Nabhdrishti Aerospace, among others, who discussed the hurdles they face, such as lengthy development cycles and the need for better access to patient capital. The session encouraged an atmosphere of collaboration, driving efforts to engage the startup community more systematically.

Vision for a Viksit Bharat by 2047

Aligned with Prime Minister Narendra Modi’s ambitious vision for a "Viksit Bharat" (Developed India) by 2047, Goyal stressed that substantial efforts are on the radar to construct a future-ready and innovation-led economy. This aspiration not only includes advancements in technology but also requires addressing infrastructural and regulatory challenges that impede growth.

Collaboration with Leading Venture Capital Firms

The roundtable was co-hosted by prominent figures in the investment community, including T.V. Mohandas Pai of 3one4 Capital and Prashanth Prakash from Accel Partners. Their presence underscored the essential role venture capital plays in advancing DeepTech innovation. Investors from firms such as Celesta Capital, Blume Ventures, and Avaana Capital provided perspectives on the importance of developing sustainable exit pathways and supporting long-term innovation.

Addressing Policy Measures for Innovation

Discussions during the session were not just about funding but also focused on concrete policy frameworks that could bolster India’s position in global technology value chains. Participants emphasized the need for structured engagement between stakeholders, such as the Department for Promotion of Industry and Internal Trade (DPIIT) and the DeepTech ecosystem. Collaborative efforts are aimed at identifying and addressing critical policy priorities that affect innovation-driven growth.

Spotlight on Emerging Technologies

Innovators working in cutting-edge fields like semiconductor design, artificial intelligence, quantum computing, robotics, advanced materials, and machine learning infrastructure were highlighted throughout the event. The opportunities presented by these technologies promise not just advancements in industry but also transformative applications that could redefine everyday life in India and beyond.

Forward-Thinking Initiatives

As the dialogue unfolded, the overarching theme was clear: the importance of nurturing a cohesive ecosystem that encourages risk-taking and innovation. By facilitating interactions between startups, venture capitalists, and government entities, the session aimed to lay the groundwork for long-term, strategic initiatives that would drive technological advancements in India.

Engaging Future Generations

The discussions did not only resonate with established entrepreneurs but also aimed to inspire the next generation of innovators. Encouraging a startup culture rooted in collaboration, creativity, and technology will ensure that the vision for Aatmanirbhar Bharat becomes a reality, fostering economic resilience and self-sufficiency.

Continuous Engagement for Sustainable Growth

Recognizing the critical role of ongoing dialogue, the event concluded with an agreement to maintain structured engagements among DPIIT, TiE Bangalore, and the DeepTech ecosystem. This commitment aims to keep innovation at the forefront of policy development, facilitating the kind of substantial support needed for India to fully realize its potential on the global stage.

As these interactions continue to evolve, one thing is certain: India is on the brink of a technological renaissance, and the collaborative efforts between the government, startups, and investors will be instrumental in steering the country toward a prosperous future.