Piyush Goyal Advocates for Frontier Tech Development in India

On November 1, 2023, in Bengaluru, India’s Commerce and Industry Minister, Piyush Goyal, called on startups to focus on developing frontier technologies to support the government’s vision of an Aatmanirbhar Bharat (self-reliant India). Goyal emphasized the importance of scaling domestic capital and nurturing local funds as crucial steps towards achieving this goal.

During a roundtable discussion attended by over 35 DeepTech and semiconductor startups, along with more than 30 prominent venture capital firms, Goyal reiterated the government’s commitment to enhancing India’s DeepTech ecosystem. He stated that measures are being implemented to improve the ease of doing business, reduce compliance burdens, and foster innovation and entrepreneurship.

Strengthening India’s DeepTech Ecosystem

The session, hosted by T.V. Mohandas Pai, Chairman of 3one4 Capital, and Prashanth Prakash, Partner at Accel Partners, also included representatives from Startup India and the Department for Promotion of Industry and Internal Trade (DPIIT). Goyal’s remarks were aligned with Prime Minister Narendra Modi‘s vision for a developed India by 2047, highlighting ongoing efforts to create a future-ready, innovation-driven economy.

Participants engaged in discussions about bolstering India’s DeepTech sector and identifying policy measures necessary for innovation-led growth. Key topics included advancements in semiconductor design, artificial intelligence, quantum computing, robotics, advanced materials, and machine learning infrastructure.

Challenges and Opportunities for Startups

Startups such as Agnit Semiconductors, QpiAI, Nabhdrishti Aerospace, and several others shared their insights on the challenges they face. Issues discussed included long development cycles, access to patient capital, and the commercialization of technology. The interactions provided a platform for these startups to voice their experiences and outline the barriers to their growth.

Leading investors from firms like Celesta Capital, Blume Ventures, and Avaana Capital contributed to the dialogue, offering perspectives on how to support long-term DeepTech innovation. They discussed the importance of developing sustainable exit strategies and exploring co-investment opportunities to strengthen India’s position in global technology value chains.

The roundtable concluded with a consensus to maintain structured engagement between DPIIT, TiE Bangalore, and the DeepTech ecosystem. This ongoing collaboration aims to identify and prioritize policy needs critical to fostering an environment conducive to innovation and growth.

As India aims to enhance its technological capabilities and self-reliance, the commitment shown by both the government and the startup community sets the stage for a transformative era in the country’s economic landscape.