Goyal calls for resilient supply chains, less reliance on foreign tech

Piyush Goyal said the clarion call to promote swadeshi products is not just about making in India, designing or developing in India as it is key for the country's long-term growth and sovereignty

Commerce and Industry Minister Piyush Goyal on Wednesday said it is important for the country to have resilient supply chains, control over key technologies and reducing overdependence on certain geographies.

He said the call to promote 'swadeshi' products is not just about making in India, designing or developing in India, but is key to the country's long-term growth and sovereignty.

He added that reducing dependence on foreign technologies, foreign weapons, foreign energy sources and foreign critical technologies is important for the country's growth.

"This decade in fact has given us several wake up calls, starting from Covid, how important is to have resilient supply chains, to have your own technologies, control over technologies, control over essential supplies in critical areas.

"How important it is to decouple in certain sectors and certain very important subjects, from overdependence on certain geographies. And therefore India today has resolved to move away from just being the back office of the world, or software provider of the world to become global engine of innovation," he said here at TiEcon Delhi-NCR event -- India's Deeptech Moment: From Digital Leadership to Technological Sovereignty.

The remarks are important as India is a major importer of crude oil and defence equipment.

He said Indian tech startups are getting huge valuations worldwide.

Goyal also said the second edition of fund of funds may be dedicated entirely for deep tech investment, particularly early stage investments.

"... so that our friends from deep tech ecosystem do not end up selling large part of their equity at very early stage to funds or VCs, to foreign funds and are able to maintain large part of their ownership for future rounds and for maturing their technology going forward," he added.

He said deeptech encompasses artificial intelligence, quantum computing, machine learning, defence and space technologies.