Despite significant investments, such as a proposed ₹1 lakh crore research and development fund for the private sector and startups, much of the technology developed by Indian talent abroad is being bought back by Indian industries from foreign markets, Union Minister for Education Dharmendra Pradhan stated on Tuesday (May 5, 2026).
Delivering the key note address at IIT Madras Technology Summit in New Delhi, Mr. Pradhan said, “Many successful startups and unicorns have already emerged from IIT campuses, highlighting the strength of this ecosystem. Despite this, there is a gap. This indicates a need to build and invest in our own products domestically. With a strong internal market, India has the advantage of being both producer and consumer.”
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