Indians now daring to create multinational companies, says minister Hardeep Singh Puri

NEW DELHI: 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.

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.

For past many decades, while Indian engineers & 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, owing to our onerous patents framework, lack of funding,… pic.twitter.com/NIXOwt9zF1

— Hardeep Singh Puri (@HardeepSPuri) November 24, 2024

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. (ANI)