Cutting dependence on foreign tech vital for growth: Piyush Goyal

NEW DELHI: Commerce and industry minister Piyush Goyal said on Wednesday that reducing India’s dependence on foreign technologies, weapons, and energy sources is vital for the country’s long-term growth and sovereignty.He said the “spirit of Swadeshi” is no longer limited to making or designing in India but extends to achieving true self-reliance in critical areas. “As the Prime Minister said in his Independence Day speech, India must reduce its dependence on foreign technologies, foreign weapons, foreign energy sources, or foreign critical technologies.” Speaking at TiECON Delhi-NCR, he mentioned the Covid-19 pandemic and subsequent global disruptions showed the importance of resilient supply chains and reducing over-dependence on specific geographies. “This decade has in fact given us several wake-up calls, starting from the Covid pandemic, how important it is to have resilient supply chains, to have your own technologies, control over them, control over essential supplies in critical areas, and how important it is to decouple in certain sectors,” Goyal said.He added that second edition of Startup Fund of Funds will be dedicated to early-stage deep-tech ventures to help Indian founders retain ownership, instead of ceding large stakes to foreign investors too early.