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New Indian Express
06-07-2025
- Business
- New Indian Express
India's global standing on manufacturing up: Minister Piyush Goyal
BENGALURU: Union Commerce and Industry Minister Piyush Goyal, who engaged with industry leaders, startups, deep-tech innovators and VCs at an interactive session here on Saturday, said, 'The country's ease of doing business is being strengthened by regulatory simplification and expedited processes for patents and trademarks.' Goyal underlined India's improved global reputation for quality manufacturing, especially in sectors like electronics, pharmaceuticals, textiles, and defence, while highlighting the Centre's efforts towards strengthening the country's startup and innovation ecosystem. He highlighted the government's launch of the Rs 10,000-crore Fund of Funds for Startups (FFS) and the Rs 1-lakh crore R&D and Innovation (RDI) Scheme, which aims to provide long-term, low-cost capital to private R&D through a dedicated SPV. Minister for Large and Medium Industries MB Patil said that of the Rs 5.56 lakh crore worth of investment commitments made in the manufacturing sector during Invest Karnataka-2025 Global Investors Meet (GIM), Rs 3.4 lakh crore — around 62%, has already translated into formal project applications. 'This shows our post-MoU follow-up has been effective. Companies like Krones, Safran, TASL, and others have filed proposals, and many have begun groundwork,' he said. The event was organised by the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, and Confederation of Indian Industry, had over 100 key stakeholders participating, and focused on innovation-led growth, India's rising global competitiveness, and the progress of investments in the state.
Time of India
05-07-2025
- Business
- Time of India
India's growth story: New technologies to shape future; Piyush Goyal highlights boost to startup ecosystem
Union Minister Piyush Goyal on Saturday said that India's growth story in the coming years would be defined by new technologies, innovation, and a thriving startup ecosystem. Speaking at an IIT Madras Alumni Association's Sangam 2025 event in Chennai, Goyal said, "Your science, your technology, combined with this vibrant startup ecosystem, R&D, and innovation, will shape the India growth story of the future. " He highlighted the shift in India's role in the global economy, from a nation known for seeking jobs to one that is now creating them. 'Of course, in some small measures, we have tried to be part of the startup ecosystem, the startup fund of funds, and various other initiatives to support the startup ecosystem, coupled with the work organisations like IIT Madras have done,' PTI quoted the minister. The minister said that India is preparing for the future with policies that support the use of cutting-edge technology, especially in fields such as artificial intelligence, machine learning, quantum computing, and data analytics. "We don't shy away from new technologies. We believe these technologies will help us as we climb the growth chart. Absorbing these technologies in our activities—in manufacturing, businesses, and the service sector—is holding us in good stead, helping us become the fastest-growing large economy in the world," Goyal said. He also noted that India continues to grow and engage internationally even as global trade slows down. Later in the day, Goyal also held a discussion with industry leaders, startups, and deeptech innovators, joined by Karnataka's Minister for Commerce, Industries and Infrastructure, M B Patil. He spoke about the need to simplify rules and speed up processes around patents and trademarks to support businesses better. He also outlined major government initiatives aimed at encouraging innovation, including the Rs 10,000 crore Fund of Funds for Startups to support early and growth-stage deeptech ventures, and the Rs 1 lakh crore R&D and Innovation (RDI) Scheme, which provides long-term, low-cost capital through a dedicated Special Purpose Vehicle (SPV). Goyal praised the strength of India's economy in bouncing back after COVID-19, driven by innovation, entrepreneurship, and strong policy support. He also pointed to the rising global demand for 'Made in India' products, saying that better quality, design, and competitiveness across sectors such as electronics, manufacturing, pharmaceuticals, and textiles show India's growing strength. The minister concluded by reaffirming the Centre's commitment to inclusive, innovation-led growth and to building a globally competitive industry in line with the vision of Viksit Bharat @2047. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
05-07-2025
- Business
- Time of India
New technologies will define India's growth story: Union Minister Piyush Goyal
Union Minister Piyush Goyal highlighted that new technologies will drive India's growth, emphasizing the country's shift towards becoming a nation of job creators. He underscored the government's commitment to fostering innovation through initiatives like the Fund of Funds for Startups and the Research & Development and Innovation Scheme. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Union Minister Piyush Goyal on Saturday said new technologies will define India's growth story in the coming the IIT Madras Alumni Association's Sangam 2025 event here, he said, "Your science, your technology, combined with this vibrant startup ecosystem, R&D, and innovation, will shape the India growth story of the future."Goyal said India is transforming from a country known for seeking jobs to becoming a nation of job creators."Of course, in some small measures, we have tried to be part of the startup ecosystem, the startup fund of funds, and various other initiatives to support the startup ecosystem, coupled with the work organisations like IIT Madras have done," he said India's policies are designed to build a future-ready nation-one that embraces technology, adapts to new ways of working and living, and leads in areas like artificial intelligence, machine learning, quantum computing, and data analytics."We don't shy away from new technologies. We believe these technologies will help us as we climb the growth chart. Absorbing these technologies in our activities-in manufacturing, businesses, and the service sector-is holding us in good stead, helping us become the fastest-growing large economy in the world," he to him, it helps India buck the trend of slowing global trade while continuing to expand its international Goyal also held an interaction session with industry leaders, startups & deeptech innovators in the presence of Karnataka Minister for Commerce and Industries and Infrastructure M B Patil, where he emphasised the importance of easing regulatory frameworks, expediting the process related to patents and trademarks to foster a business-friendly India's robust innovation framework at the session, Goyal detailed the government's efforts in launching the Rs 10,000 crore Fund of Funds for Startups (FFS) supporting early and growth-stage deeptech startups; the Rs 1 lakh crore Research & Development and Innovation (RDI) Scheme, offering long-term, low-cost capital to private sector R&D offering long-term, low-cost capital through a dedicated Special Purpose Vehicle (SPV), an official release also emphasised the remarkable resilience of India's economy post-COVID, powered by innovation, entrepreneurship, and robust policy support, which is now globally Union Minister also underscored the rising global reputation of 'Made in India' products, driven by improvements in quality, design, and competitiveness, across sectors including electronics, manufacturing, pharmaceuticals, and textiles also stands testament to India's growing economic also reaffirmed the Centre's commitment to enabling inclusive, innovation-led growth and building a globally competitive industry ecosystem aligned with the vision of Viksit Bharat @2047.
Hans India
12-06-2025
- Business
- Hans India
Indian startups, emerging entities attract over $150 billion funding in a decade: Piyush Goyal
New Delhi: There has been a surge in private investments in the last 11 years, with Indian startups and emerging entities attracting significant private funding to the tune of over $150 billion in the past decade, Commerce and Industry Minister Piyush Goyal said on Thursday. More than Rs 22,900 crore have been invested in over 1,270 startups via the government's Fund of Funds for Startups scheme. "India is embracing technology like no other! This digital transformation is the outcome of the forward-looking vision and timely policy interventions under the leadership of Prime Minister Narendra Modi. Every section of society and every aspect of life has been positively impacted by 11 years of Digital India," Goyal said in a post on social media platform X. IP filings by the domestic startups surged from 2017 to 2024, with over 355 per cent growth in patents and more than 543 per cent growth in trademarks. India now ranks 39th globally on the 'Global Innovation Index 2024'. Goyal said he is proud to witness the profound impact of PM Narendra Modi's revolutionary initiative 'Startup India' on boosting innovation and enterprise in the country. "The remarkable talent of our youth and women is powering this revolution and driving India's economic growth with unparalleled vigour," he mentioned. India has become the third-largest startup ecosystem in the world, with more than 1.5 lakh startups and over 100 unicorns. "11 years of Digital India has empowered every citizen with seamless services, financial access, and last-mile connectivity," said Minister of State for Commerce and Electronics and IT, Jitin Prasada. The digital revolution, which began 11 years ago, is entrenched in almost every policy-making and public welfare scheme delivery with elaborate plans on how to bring benefits to the poor, downtrodden and marginalised sections. Prime Minister Modi took to X on Thursday and wrote about "leveraging the power of technology in bringing innumerable benefits for people". "Service delivery and transparency have been greatly boosted. Technology has become a means of empowering the lives of the poorest of the poor," he further said.
