India must move from ‘back office’ to global innovation hub: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said India must build resilient supply chains and reduce its reliance on certain geographies by developing control over key technologies and essential supplies.

Speaking at the TiEcon event, Goyal said the push for swadeshi products goes beyond manufacturing or designing in India, emphasising that technological independence is vital for the country’s long-term growth and sovereignty.

“This decade has given us several wake-up calls, starting from Covid, on how important it is to have resilient supply chains, your own technologies and control over essential supplies in critical areas,” he said.

There is a deep resonance with the word #DeepTech among the youth in India today. pic.twitter.com/C5IFIuRZ2A

— Piyush Goyal (@PiyushGoyal) October 29, 2025

He stressed the need to decouple from overdependence on certain nations in key sectors. “India today has resolved to move away from just being the back office of the world or a software provider to becoming a global engine of innovation,” Goyal said.

The minister noted that Indian tech startups are gaining high valuations globally and said the second edition of the Fund of Funds could be dedicated entirely to deep-tech investments, particularly at early stages.

“…so that our friends from the deep-tech ecosystem do not end up selling a large part of their equity at a very early stage to foreign funds and are able to retain ownership for future rounds and the maturing of their technology,” he added.

(With inputs from news agencies)