Piyush Goyal calls for resilient supply chains, less dependence on select geographies at TiEcon event

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 reduce over-dependence on certain geographies.

He said the clarion call to promote swadeshi products is not just about making, designing, or developing in India, as it is key for the country's long-term growth and sovereignty. He added that reducing dependence on foreign technologies, weapons, energy sources, and critical technologies is important for the country's growth.

"This decade, in fact, has given us several wake-up calls, starting from Covid, on how important it 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 over-dependence 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 a global engine of innovation," he said at the TiEcon Delhi event.

He said Indian tech startups are getting huge valuations worldwide. Goyal also said the second edition of fund of funds may be dedicated entirely to deep tech investment, particularly early-stage investments.

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

(With inputs from Press Trust of India)