Union Minister Piyush Goyal Unveils Second Edition of ₹1 Lakh Crore Startup Fund ‘Anusandhan’

Commerce and Industry Minister Piyush Goyal has called for India to reduce its dependence on foreign technologies and promote home-grown innovation under the Make in India initiative. Speaking at the TiEcon Delhi-NCR conference, he highlighted India’s transition from digital success to a new phase of technological self-reliance.

Theme of the Event

The conference, held under the theme ‘India’s Deeptech Moment: From Digital Leadership to Technological Sovereignty’, focused on building a deep technology-driven economy. Goyal said that the spirit of Swadeshi—meaning self-reliance—should guide India’s innovation journey amid global uncertainties and changing geopolitical situations.

New Startup and Innovation Funds Announced

During his address, Piyush Goyal announced two major funding initiatives to boost research and innovation:

• The Second Edition of the Startup Fund of Funds, which will support early-stage deeptech startups, and
• The ₹1 lakh crore Anusandhan Fund, aimed at financing research, product development, and transformative technologies in India.

These funds are expected to strengthen India’s deeptech ecosystem and encourage entrepreneurs to develop cutting-edge technologies within the country.

India’s Transformation into a Global Innovation Hub

Highlighting India’s journey over the past decade, Goyal noted that the country has evolved from being the “software provider of the world” to becoming a global innovation center.

He said India’s experience during the COVID-19 pandemic reinforced the need for resilient supply chains and domestic control over key technologies, such as semiconductors and artificial intelligence.

Role of TiE and Startup Ecosystem

The Minister praised TiE (The Indus Entrepreneurs) for its efforts in supporting young deeptech entrepreneurs and said that events like TiEcon are milestones in India’s shift toward a technology-driven economy.

He urged startups, investors, and academic institutions like IITs to collaborate and build a robust ecosystem for deeptech research and development.

Digital Transformation and Economic Growth

Recalling India’s digital transformation since 2014, Goyal shared that the number of internet users has grown from 250 million to over one billion, powering major government initiatives like:

• Jan Dhan Yojana,
• Aadhaar,
• Direct Benefit Transfer (DBT), and
• PM-Kisan schemes.

He added that digital progress has helped India become the world’s fourth-largest economy, with the goal of reaching third place within two years and achieving a USD 30–32 trillion economy by 2047.

Focus Areas for Future Growth

Piyush Goyal outlined several priority sectors that will define India’s deeptech growth:

• Artificial Intelligence (AI)
• Quantum Computing
• Semiconductors
• Defence and Space Technologies
• Intellectual Property (IP) Development

He also noted that India’s strong talent pool—with around 15 lakh engineers and 24 lakh STEM graduates each year—gives the country a major edge in the global tech race.

Vision for a Self-Reliant Future

Concluding his address, the Minister encouraged young entrepreneurs to think globally but build locally, developing innovations that can serve both India and the world. He emphasized that collaboration, creativity, and confidence are key to making India a deeptech superpower and achieving true technological sovereignty.