India's Next Growth Phase to be Powered by Deep Tech Innovation, Says Minister
Union Minister of State for Science and Technology Dr Jitendra Singh declared on Monday that deep technology-led innovation will fuel India's next phase of economic growth. He made this significant announcement while addressing a large gathering at the IIMA Ventures Summit held at the Indian Institute of Management Ahmedabad.
Strong Foundations for Innovation
Dr Singh emphasized that robust institutions, sound management practices, and effective translation of academic research into practical applications will support this deep tech revolution. The minister inaugurated the NIDHI Centre of Excellence for innovation and entrepreneurship at IIMA Ventures during his visit. He also launched multi-institutional Translational Endeavors specifically designed to bolster deep-tech startups across the country.
India's Startup Ecosystem Thrives
The minister highlighted India's impressive startup landscape during his keynote speech. "With 1.75 lakh startups, the Indian ecosystem ranks as the third largest globally," Dr Singh stated. He particularly noted that approximately half of these startups originate from Tier II and Tier III cities, demonstrating that geographical location no longer serves as a barrier to innovation.
"Thus, it is not a deterrent," the minister affirmed about regional distribution of startups.
From Adoption to Leadership
Dr Singh projected a transformative shift in India's technological trajectory. He explained that within the next decade, India will transition from being primarily a technology-adopting nation to becoming a genuine technology leader on the world stage. This evolution will position the country at the forefront of global innovation.
Specialized Clusters and Collaboration
The science and technology minister advocated for developing specialized innovation clusters across different regions. He cited the example of space technology startups in Ahmedabad that can leverage the existing ecosystem comprising IN-SPACe and ISRO's Space Applications Centre.
"There are ample opportunities for collaboration," Dr Singh emphasized, encouraging partnerships between various stakeholders in the innovation ecosystem.
Bridging Academia and Industry
During an interactive question-answer session, the minister outlined the government's sustained efforts to strengthen connections between academic institutions and industry. He stressed ongoing initiatives to promote research and development while welcoming suggestions to enhance linkages between research organizations and the country's MSME sector.
Dr Singh also highlighted the importance of expanding industry outreach programs to ensure research findings translate into commercial applications and societal benefits.
Summit Highlights and Participation
The two-day IIMA Ventures Summit commenced on Monday with remarkable participation from over 900 delegates representing diverse regions across India. The event attracted more than 200 IIM Ahmedabad alumni founders and investors who engaged in meaningful discussions about India's innovation future.
Expert panels and sessions covered several critical topics including:
- Deep tech entrepreneurship and investment strategies
- Responsible artificial intelligence development
- Sustainable energy solutions
- Healthcare innovation pathways
- Social impact through technology
A concurrent exhibition showcased thirty deep-tech startups supported by IIMA Ventures, featuring innovations spanning space technology to healthcare solutions. This display demonstrated the practical applications emerging from India's growing deep-tech ecosystem.
The summit represents a significant milestone in India's journey toward technological self-reliance and global leadership, bringing together policymakers, academicians, entrepreneurs, and investors to chart the country's innovation roadmap.
