India emerges as a global hub for skills, talent, and innovation: Commerce Minister Piyush Goyal

India is the capital of skills and talent for the global community, said Union Minister of Commerce and Industry, Piyush Goyal, at the TiEcon Delhi-NCR conference, highlighting the country's rapidly growing reputation as a global leader in innovation and entrepreneurship.

India’s prowess in science, technology, engineering, and mathematics (STEM) is capturing the world’s attention, as the nation produces more than 1.5 million engineers and 2.4 million STEM graduates each year—the highest globally.

This immense talent pool, coupled with a vibrant startup ecosystem and a spirit of innovation, is positioning India as the capital of talent and skill on the world stage, the minister said.

Goyal emphasised that India is determined to move beyond its traditional role as the world’s back office, aiming to become a global engine of innovation. “The global community now looks to India as the capital of talent and skill, and Indian deeptech startups are already being recognised among the world’s leading innovators,” Goyal noted.

India’s digital journey has been nothing short of remarkable, explained Goyal. In just over a decade, the country has expanded its internet user base from 250 million to over one billion, enabling transformative government initiatives that have increased transparency, efficiency, and direct delivery of benefits, said the minister.

This technological leap is credited with fueling India’s economic ascent, with the nation now the world’s fourth-largest economy and poised to reach third place within two years.

To further accelerate this momentum, Goyal announced a new wave of government-backed funding. The second edition of the Startup Fund of Funds, according to Goyal, will prioritise early-stage investments in deeptech ventures, providing risk capital to help innovators retain ownership and develop indigenous technologies.

Additionally, the government is launching a ₹1 lakh crore (approximately USD 12 billion) Anusandhan Fund to promote research, innovation, and long-term financing for transformative projects.

These moves are part of a comprehensive vision to reduce dependence on foreign technologies and foster a spirit of “Swadeshi” innovation.

The government is urging collaboration between investors, startups, industry bodies, and leading institutions to harness India’s collective capabilities. With robust support for entrepreneurs and a focus on technologies such as artificial intelligence, quantum computing, space, and semiconductors, India aims to shape the future of global innovation.

As India charts its course towards a $30-32 trillion economy by 2047, the nation’s technology-driven transformation and entrepreneurial spirit are setting new benchmarks for growth and global leadership.