Piyush Goyal Reaffirms India’s Push to Build a DeepTech-Powered, Innovation-Led Economy

India is doubling down on its ambition to become a global powerhouse in frontier technologies. In a strong reaffirmation of this vision, Union Minister of Commerce and Industry Piyush Goyal on Thursday reiterated the government’s commitment to nurturing a vibrant DeepTech ecosystem and building an innovation-driven economy that will define the nation’s next growth chapter.

Addressing a DeepTech roundtable in Bengaluru, Goyal spoke passionately about India’s technological potential and the importance of homegrown innovation. “To build a truly Aatmanirbhar Bharat, we must scale domestic capital, nurture indigenous funds, and foster frontier technologies,” he told an audience of over 35 DeepTech and semiconductor startups and 30 leading venture capital firms.

The event, hosted jointly by Startup India (DPIIT), TiE Bangalore, and IVCA, brought together the biggest names in India’s DeepTech ecosystem—entrepreneurs, investors, and policymakers—to discuss the path forward for one of the most promising sectors of the Indian startup landscape.

Innovation at the Heart of Viksit Bharat 2047

Aligning with Prime Minister Narendra Modi’s vision of Viksit Bharat @2047, Goyal emphasized that India’s future growth would be powered not just by scale, but by smart innovation.
He underlined that the government is actively working to enhance the Ease of Doing Business, reduce compliance burdens, and strengthen institutional support for startups tackling the most complex technology challenges—from semiconductors to quantum computing.

The roundtable, co-hosted by industry veterans T.V. Mohandas Pai (Chairman, 3one4 Capital) and Prashanth Prakash (Partner, Accel Partners), served as a candid platform for dialogue between founders and policymakers. Discussions revolved around enabling frameworks that support patient capital, simplify R&D regulations, and build sustainable models for DeepTech commercialization.

The Voices of India’s DeepTech Founders

India’s DeepTech entrepreneurs are working on cutting-edge technologies with global potential—but their journeys are not without challenges. At the Bengaluru roundtable, founders of some of India’s most exciting startups, including Agnit Semiconductors, QpiAI, Nabhdrishti Aerospace, EtherealX, Fabheads, Ethereal Machines, Dozee, Exponent Energy, SignalChip Innovations, and QNu Labs, shared their insights and roadblocks.

They spoke about navigating long development cycles, capital-intensive R&D, and limited access to advanced research infrastructure—issues that often define the DeepTech journey.

These entrepreneurs underscored the need for continued policy clarity, especially in grant allocation, export regulations, and compliance norms that can otherwise slow down innovation.

Investors Call for Long-Term Capital and Global Partnerships

On the investors’ side, leaders from Celesta Capital, Blume Ventures, Avaana Capital, Peak XV Partners, Creagis, and 3one4 Capital stressed the need for long-term capital and patient investing to support DeepTech ventures.

DeepTech startups, by nature, require time and sustained funding to achieve commercial viability. Hence, investors urged for co-investment opportunities, global collaborations, and policy stability to make India a central node in the world’s technology value chain.

Policy Recommendations to Power India’s DeepTech Future

The roundtable led to several key policy recommendations aimed at strengthening the DeepTech framework in India. Among them were:

• Extending Startup India recognition benefits for DeepTech ventures beyond the existing 10-year limit.

• Providing clear guidelines on grant accounting and FCRA rules to simplify R&D funding.

• Introducing targeted tax incentives to encourage private sector investment in innovation.

• Allowing greater flexibility in fund regulations and reforming DSIR registration norms so that early-stage DeepTech startups can access R&D-linked incentives faster.

These suggestions, participants said, would go a long way in enabling India’s DeepTech ecosystem to mature and compete globally.

The session concluded with a key takeaway — the establishment of a structured engagement mechanism between DPIIT, TiE Bangalore, and the DeepTech ecosystem. This platform will serve as a continuous feedback loop to review policy priorities, monitor progress, and document actionable recommendations for sustained innovation.

T.V. Mohandas Pai summed it up aptly:

“Sustained policy support and long-term commitment are essential to strengthen India’s DeepTech foundations and global competitiveness.”

Madan Padaki, President of TiE Bangalore, added that the meeting reflected the government’s “proactive approach to fostering collaboration between policymakers, investors, and innovators.”

Paving the Way for a DeepTech-Driven India

The Bengaluru roundtable is not an isolated event—it is part of an ongoing national dialogue to catalyze India’s transformation into a technology-first, innovation-led economy.

As government bodies, investors, and founders align around a shared vision, India’s DeepTech startups stand at the cusp of redefining how the world views Indian innovation. From semiconductors and space tech to AI and quantum computing, the next decade could well belong to the DeepTech pioneers shaping the nation’s technological destiny.