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New Indian Express
a day ago
- 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
a day ago
- 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
