India is the Destination of Choice for Deeptech Investments, says Piyush Goyal

With India emerging as a global hub for deep-tech innovation, it has become a preferred destination for global investors aiming to tap the deep tech sector, said Commerce and Industry Minister Piyush Goyal on Friday. Goyal assured that the government is open to dialogue on policy matters and regulatory compliance to streamline investment procedures to enhance the ease of doing business in the country. 

“Given the number of initiatives this government has taken in the last 10 years, for adoption of newer technology ideas and going into deep tech in a big way, India is the ideal country. The country of choice of the world today,” said Goyal.  

The deep-tech ecosystem, currently comprising approximately 4,000 startups, is projected to grow to 10,000 by 2030, according to the Department for Promotion of Industry and Internal Trade (DPIIT). Factors such as accelerated adoption of artificial intelligence (AI), increased foreign direct investment (FDI) opportunities in key sectors, and the rapid establishment of data centers are expected to further propel growth in this space, Goyal noted.

He further stressed on the fact that, “In terms of deep tech, we all recognize that the world is changing very fast. But the world also recognizes that India always remains abreast with that change.”  

Despite improvements in India's startup-friendly policies and government initiatives like Start-up India, certain regulatory hurdles continue to pose challenges for foreign investors. The Indian startup ecosystem has historically faced periods of difficulty in securing foreign funding, particularly during "funding winters." According to data from Tracxn, Indian startups raised a total of $ 30.4 billion in funding throughout 2024, a 6.5  per cent decline from the $ 32.5 billion secured in 2023.  

To address this kind of challenge, Goyal assured that the government is open to talk to foreign investors and work on various suggestions and inputs. “I have been appealing to stakeholders (more than once) to come back to us if they have any issues because India is 100% open in its sectors. But if there is still any policy, procedure, process or anything which is a detriment or delaying investments, our doors are open and we are happy to work amongst the ministries to ensure ease of investing, ease of repatriation,” added the minister.