The Union Minister also emphasized that India needs to further nurture talent in deeptech domains to hasten the reversal of ‘brain drain’. …reports Asian Lite News
Indians are increasingly daring to create their own multinational companies, in a defining change that will fuel next stage of economic growth, asserted Union Minister Hardeep Singh Puri on Sunday.
The Union Minister also emphasized that India needs to further nurture talent in deeptech 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,” he wrote in a post on X, sharing an article he authored for a financial daily titled ‘India, take a deeptech breath.’
“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,” he added.
Puri noted that India’s startup success is the cumulative effect of such individual decisions, the full magnitude of which will be realised by the coming generations.
For many decades, Puri argued, while Indian engineers and scientists were recognized for their talent and dedication in global technology companies and universities, they couldn’t dare to incubate their tech startups in India. This, according to him, were due to onerous patents framework, lack of funding, crumbling infrastructure and lack of government support.
“As a result of the dedicated focus of PM Narendra Modi in making India a hub for innovation, even the most cutting edge, deep tech and frontier tech start ups, lead by Indian students with PhDs from major global universities are now taking root in India,” Puri explained in his post.
Instead of just being proud of working for MNCs, Indians are now daring to create their own multinational companies, he reiterated.
The National Deeptech Startup Policy outlines a roadmap to spur innovation in critical domains like semiconductors, AI, and space tech.
AI is so widespread in India’s software services now. Puri pointed out that it is no coincidence, that India now has the third-largest start-up ecosystem in the world.
India’s Defence Gets a Trump Card
The “America First” trade policy promoted by upcoming U.S. President Donald Trump has far-reaching implications for global trade and geopolitics.
According to a report by Motilal Oswal, this policy carries mixed outcomes for exporters worldwide because it is designed to prioritize U.S. manufacturing by reducing imports, particularly from China.
For India, Trump’s policies present both opportunities and challenges. The Indo-Pacific defense strategy could strengthen U.S.-India collaboration, opening doors for Indian businesses in sectors such as pharmaceuticals and defense.
It said “Indian businesses in sectors such as pharmaceuticals and defense might also find new opportunities, especially if U.S.- India collaboration strengthens… Emerging markets face a mixed bag of challenges and opportunities”.
Additionally, anticipated U.S. corporate tax cuts could boost IT spending, benefiting India’s IT sector. However, a stronger dollar and potential tariffs on Indian exports could strain its trade balance.
Another significant concern is the impact of increased tariffs on U.S. exports. Key industries, such as agriculture and technology, risk losing competitiveness in global markets if trading partners impose retaliatory tariffs.
The report said “increased tariffs might prompt retaliatory measures from trade partners, potentially affecting U.S. exporters in sectors like agriculture and technology”.
The report also highlighted that India may find a silver lining in global supply chain realignments, particularly in technology areas like AI and semiconductors, driven by the “China+1” strategy.
For instance, the European Union (EU) may levy duties on American goods, potentially hampering the automotive and steel industries. These measures could not only slow growth in Europe but also disrupt global trade patterns.
Emerging markets face a dual challenge. While higher tariffs and a stronger dollar may escalate export costs for sectors like IT and pharmaceuticals, some countries, like Mexico, stand to gain by attracting manufacturing that might otherwise remain in China.
The report highlighted that geopolitically, Trump’s approach is likely to escalate tensions with China and reshape alliances. Countries like Japan and South Korea may reconsider their strategies, while the EU might strive for self-reliance, fostering new alliances outside U.S. influence. (ANI)
ALSO READ: UK Energy Price Cap To Increase By 1.2%