ET Startup Awards 2026 | Govt backing and patient capital propel India's leap into AI and chips: Satyan Gajwani
Gajwani said the ecosystem, once driven by fintech, food delivery, SaaS, commerce, quick commerce and direct-to-consumer brands, was witnessing founders focused on deep, proprietary technology. Indian startups are now building semiconductor chips, AI, robotics, clean energy technologies and new materials, while investors are shaping funds, willing to wait longer for these companies to mature.
The ET Startup Awards 2026 highlighted India's growing leap into artificial intelligence (AI) and semiconductor chip development, fueled by government backing and access to patient capital. Satyan Gajwani, chairman of Times Internet, emphasized this transformation at the event, noting the recent success of the Vikram-1 rocket launch by Hyderabad-based Skyroot Aerospace.
With this achievement, India now joins the US and China as the third nation to have a private company reach space. Gajwani pointed out that the Indian startup ecosystem, previously dominated by fintech, food delivery, software-as-a-service, commerce, quick commerce, and direct-to-consumer brands, is now pivoting towards deep, proprietary technologies such as AI, robotics, clean energy, and new materials.
The ecosystem's evolution has been driven by a combination of factors, including state structural support, regulatory reforms, and entrepreneurial leadership. Piyush Goyal, the minister of Commerce and Industry, has been particularly instrumental in this shift. Gajwani credited Goyal for his advocacy and championing of the cause, alongside other key leaders.
The government's support has resulted in a significant increase in the number of recognized startups from a few hundred to over 250,000, generating nearly 2.5 million jobs. Additionally, a Rs 10,000 crore Fund of Funds has been established to support new-age sectors.
While India lags behind the US and China in AI, Gajwani remains confident that the ecosystem can produce AI solutions of global significance. With the successful launch of Vikram-1, he believes India possesses the necessary capabilities, including deep research, computational power, entrepreneurial vision, and patient capital, to achieve this goal.
Written by urgent.news from Economic Times Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
