TLDR: Union Commerce and Industry Minister Piyush Goyal has declared India a burgeoning global leader in technology and innovation, attributing this rise to its youthful demographic, highly cost-effective research and development, and progressive policy framework. He highlighted that India’s innovation costs are significantly lower than Western counterparts, with the government committing substantial funds to bolster the deep tech ecosystem.
New Delhi, July 5, 2025 – India is rapidly solidifying its position as a global powerhouse in technology and innovation, driven by its dynamic young population, a highly efficient and cost-effective research and development (R&D) ecosystem, and forward-thinking government policies. This assertion was made by Union Commerce and Industry Minister Piyush Goyal on Saturday, July 5, 2025, during his address at the IIT Madras Alumni Association’s Sangam 2025 event.
Minister Goyal emphasized India’s unique advantage in innovation costs, stating, “When we work on new technologies in India, our cost is nearly one-sixth or one-seventh of what it would be in Switzerland or Europe or America.” He further illustrated this efficiency, noting that a $12 billion investment in innovation within India could effectively generate outcomes equivalent to $100 billion in developed nations. He added, “And when we roll that money over three or four cycles, you can imagine the scale of support this fund can provide to our innovation ecosystem.”
The Minister highlighted India’s proactive embrace of cutting-edge technologies, including artificial intelligence (AI), machine learning (ML), quantum computing, and data analytics. This strategic adoption, he asserted, is instrumental in propelling the country up the global growth chart. Goyal also pointed out that India is undergoing a significant transformation from a ‘job-seeking nation’ to one of ‘job creators,’ a shift largely credited to its burgeoning startup landscape and robust R&D efforts. “Our science and technology, combined with our startup ecosystem and R&D efforts, are writing the India growth story of the future,” he remarked.
Goyal lauded the nation’s youth for spearheading this transformative journey, noting their leadership in innovation, research, and technology adoption across various sectors and government initiatives. He underscored India’s unwavering commitment to integrating new technologies, viewing them not as challenges but as essential catalysts for economic growth. These technologies, he explained, are being seamlessly absorbed into India’s manufacturing, services, and business sectors, contributing to the nation’s status as the world’s fastest-growing large economy.
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In a further push to strengthen its technological foundation, the Indian government has committed a second tranche of ₹10,000 crore (approximately $1.2 billion USD) to bolster the deep tech ecosystem, signaling continued support for advanced technological development and innovation.
