Driving India’s 2047 Vision: Major Push for AI, Semiconductors, and Deep-Tech R&D

Union Minister of Commerce and Industry Piyush Goyal emphasized that innovation, startups, MSMEs, skilled labor, and quality manufacturing are crucial to achieving India’s vision of becoming a developed nation by 2047. Delivering the 22nd J.R.D. Tata Memorial Lecture in New Delhi, he outlined major government initiatives designed to strengthen the nation's tech ecosystem. These include a ₹1 lakh crore R&D and Innovation Fund to provide low-cost capital for deep-tech sectors, the onboarding of nearly 38,000 GPUs under the IndiaAI Mission for affordable compute access, and the launch of the second India Semiconductor Mission backed by up to ₹1.22 lakh crore ($12–13 billion) to bolster domestic chip production. Underlining the need for manufacturing and innovation to grow hand in hand, the Minister highlighted India's robust economic performance, featuring 7.8% quarterly growth and a 15% increase in merchandise exports despite global economic headwinds. India’s strategic expansion is further supported by nine Free Trade Agreements spanning 38 developed economies, opening significant international market opportunities for domestic businesses. Goyal urged industry leaders to increase investments in deep-tech startups, commercialize indigenous technology, and capitalize on expanding trade networks to enhance the global footprint of Indian products. $KAYNES $MOSCHIP $DIXON $NETWEB