New Delhi, Nov 24 India’s image as the 'IT Outsourcing Centre' has now transformed into a new identity as a 'Deep Tech Hub' due to the reforms undertaken by the government to promote innovation, Petroleum Minister Hardeep Singh Puri said on Sunday.
"As a result of the dedicated focus of PM Modi making India a hub for innovation, even the most cutting edge, deep tech & frontier tech startups, led by Indian students with PhDs from major global universities are now taking root in India," the minister said in a post on X.
Instead of just being proud of working for MNCs, Indians are now daring to create their own multinational companies in a defining change which will fuel our next stage of economic growth, Puri said.
"For the past many decades, while Indian engineers & scientists were recognised for their talent and dedication in global technology companies and universities, they couldn’t dare to incubate their tech startups in India, owing to our onerous patents framework, lack of funding, crumbling infrastructure and lack of government support," he added.
These new developments, of a reversal in the brain drain, are part of a larger fabric of technological innovation in India. A gradual journey of reforms and schemes to promote the entrepreneurial spirit in the early years of the Modi Govt has resulted in a technological boom, the minister pointed out.
He said that this transformation is visible in the energy sector too. The India Energy Week began in 2023 as a novel initiative to leverage this increasing prominence of India in the global energy landscape through collaborative dialogue and opening up the horizon for India’s talented young professionals.
Puri pointed out that in the Green Hydrogen segment, several Indian PSUs showcased new electrolyser technologies. At the same time, start-ups have demonstrated their membrane-less electrolyser for green hydrogen. Other firms have focused on building CCUS technologies, including direct air capture and enhanced oil recovery methods. There was also considerable progress made in advanced battery storage solutions, including solid-state batteries, lithium-ion improvements, and flow batteries, which promise better efficiency, longevity, and reduced costs. All eyes are now on the future as it takes shape in India.
He further stated that the National Deep Tech Startup Policy lays out a roadmap aimed at spurring innovation in critical domains such as semiconductors, AI, and space tech. AI is so widespread in India’s software services now that it borders on ubiquity. It is no coincidence that India now has the third-largest start-up ecosystem in the world.
"We need to further nurture Indian talent in deep tech domains to hasten the reversal of ‘brain drain’. We have always had good talent, but have also lamented that our youngsters leave India to pursue work and studies abroad. The trend is now noticeably reversing - a significant victory in its own right. Indians are coming back or even deciding to stay put when offered enticing opportunities abroad so that they can build in India, for the world," the minister said.
India’s startup success is the cumulative effect of such individual decisions, the full magnitude of which will be realised by the coming generations that will take ceaseless innovation for granted in a Viksit Bharat, he added.
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