India To Become Global Engine Of Innovation | $12B Research Boost | Piyush Goyal

Piyush Goyal, Union Minister of Commerce and Industry, announced that the second edition of India's startup fund of funds will be dedicated almost entirely to deep tech investments, particularly early-stage risk capital. This initiative aims to prevent deep tech ecosystem participants from selling equity early on. Goyal highlighted the government's commitment to innovation with the '$12 billion Anu Sandan Fund', a research grant/low-cost loan of up to one lakh crores, intended to promote innovation across the country. He stated that this fund is equivalent to about a hundred billion dollars worth of research in Europe or America, and with private sector financing, it will contribute to innovation and new ideas. Goyal emphasized the 'spirit of Swadeshi' as a factor for India's long-term growth and sovereignty, highlighting the importance of resilient supply chains, indigenous technologies, and control over essential supplies. He affirmed India's national resolve to transition from being merely the 'back office of the world' to becoming a 'global engine of innovation'.