Piyush Goyal Promotes Development of Frontier Technologies in India

Piyush Goyal, India’s Minister of Commerce and Industry, emphasized the importance of advancing frontier technologies through domestic startups during a recent roundtable in Bengaluru on November 1, 2023. Goyal urged the necessity for scaling domestic capital and nurturing homegrown funds to support the government’s vision of an ‘Aatmanirbhar Bharat,’ or self-reliant India.

The roundtable brought together more than 35 DeepTech and semiconductor startups along with over 30 prominent venture capital firms, creating a platform for dialogue on enhancing India’s innovation ecosystem. Goyal reaffirmed the government’s commitment to bolstering the DeepTech sector, improving the ease of doing business, and promoting entrepreneurship.

Strengthening India’s DeepTech Ecosystem

Highlighting the initiative aligned with Prime Minister Narendra Modi’s vision for a developed India by 2047, Goyal stated that efforts are underway to create a future-ready, innovation-led economy. The session was hosted by T.V. Mohandas Pai, Chairman of 3one4 Capital, alongside Prashanth Prakash, Partner at Accel Partners. The event was supported by the Department for Promotion of Industry and Internal Trade (DPIIT) and partnered with TiE Bangalore and the Indian Venture Capital Association (IVCA).

Discussions centered around strategies for strengthening India’s DeepTech ecosystem. Participants shared insights into various areas, including semiconductor design, artificial intelligence, quantum computing, robotics, and machine learning infrastructure.

Startups such as Agnit Semiconductors, Nabhdrishti Aerospace, and Dozee presented their experiences and outlined challenges they face, including lengthy development cycles, access to patient capital, and technology commercialization hurdles.

Investor Perspectives and Collaborative Opportunities

Investors from leading funds like Celesta Capital, Blume Ventures, and Avaana Capital contributed valuable perspectives on fostering long-term DeepTech innovation. They discussed the importance of developing sustainable exit pathways for investments and exploring co-investment opportunities.

The dialogue also included recommendations for policy frameworks that would enhance India’s role in global technology value chains. The outcome of the discussions included a commitment to maintain structured engagement between DPIIT, TiE Bangalore, and the wider DeepTech ecosystem to identify and prioritize policy needs.

The roundtable highlighted a growing recognition of the potential for startups to drive technological advancements in India, reinforcing the government’s focus on innovation as a key driver of economic growth.