India’s next phase of economic growth is being positioned around technology, research and development, entrepreneurship and globally competitive manufacturing.

Union Commerce and Industry Minister Piyush Goyal emphasised that the country must focus on emerging areas such as artificial intelligence, semiconductors, quantum computing, biotechnology, robotics and advanced materials.

He underlined that India must move beyond simply increasing production and instead concentrate on developing smarter, higher-quality products that can compete globally.

Goyal told industry leaders that the future of manufacturing cannot be limited to producing more, but must be about producing smart. He explained that India would require better technology, automation, design, packaging and branding to strengthen its global competitiveness. He urged businesses to leverage India’s large domestic market while simultaneously expanding into international markets to achieve scale and generate employment opportunities.

The minister announced that the government has launched a ₹1 lakh crore research and development innovation fund. This fund will provide long-tenure, low-cost risk capital to support new technologies and innovation. He also highlighted that the India AI Mission has already onboarded 38,000 GPUs for startups and researchers at affordable rates, with plans to expand capacity further.

On semiconductors, Goyal said the first SEMICON program had been a huge success. He revealed that the government has now introduced SEMICON-2, with a fund of around $12–13 billion, creating fresh opportunities for investment and innovation. He stressed that this initiative would help India establish a stronger presence in the global semiconductor ecosystem.

Goyal also spoke about India’s startup ecosystem, noting its evolution towards deeper technology focus. He urged Indian investors to provide capital to promising domestic startups rather than allowing successful technologies and innovations to be acquired by foreign investors. He insisted that Indian pools of capital must support the country’s own innovation ecosystem.

The minister called on industry to strengthen the MSME sector through technology adoption and improvements in productivity and quality. He made four specific requests to industry: never compromise on quality, reinvest earnings in R&D and people, leverage India’s free trade agreements to convert opportunities into market share, and take greater risks in emerging technologies.

He encouraged businesses to invest in deep tech and new-age technologies, including artificial intelligence, quantum computing, space, and biotechnology.

He stressed that India’s future is bright and the country is well positioned to pursue its long-term growth ambitions, with innovation and technology forming the foundation of the next phase of the India growth story.

India’s strategy reflects a broader global trend where nations are investing heavily in AI, semiconductors and advanced manufacturing to secure economic leadership. With initiatives such as the AI Mission and SEMICON-2, India is signalling its intent to become a major player in the global technology and innovation landscape. The emphasis on domestic capital mobilisation also highlights a shift towards self-reliance in nurturing innovation ecosystems.

ANI