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Bombay Chamber Hosts Conclave on Future of Fund Management: AIFs in GIFT City

The Bombay Chamber of Commerce and Industry hosted its PEVC Conclave on the theme “Future of Fund Management: AIFs in GIFT City.” The event brought together fund managers, policymakers, regulators, and industry experts to explore the growing significance of GIFT City and its role in shaping India’s financial services landscape.

The conclave opened with a welcome address by Sandeep Khosla, Director General of the Bombay Chamber, who outlined the Chamber’s wide-ranging initiatives and reaffirmed its longstanding role as a bridge between industry and government. He emphasised the importance of fostering collaborative dialogue to support India’s evolving financial ecosystem.

Setting the theme of the Conclave, Ashith Kampani, Chair of the PE&VC Committee at the Bombay Chamber and Chairman of CosmicMandala15 Securities highlighted the Chamber’s focus on collaborative development toward a Viksit Bharat, grounded in digitalisation, ESG integration, ease of doing business, and inclusive growth—principles reflected throughout the day’s discussions. Kampani underscored how these pillars are directly relevant to the evolving financial landscape in GIFT City, India’s first operational smart city and International Financial Services Centre (IFSC). He highlighted the momentum GIFT City has gained, with over 80 fund managers operating within its ecosystem and more than $20 billion in fund commitments, as evidence of its growing prominence. He also noted that the progressive regulatory framework, especially following the introduction of the Fund Management Regulations in 2022, offers unparalleled flexibility in fund structuring, cross-border investments, and tax incentives—making GIFT City a highly attractive jurisdiction for global capital and investment innovation.

Swati Khemani, Founder and CEO of Carnelian Asset Management & Advisors, delivered the keynote address. She emphasised that GIFT City represents a transformational shift in India’s financial sector, offering regulatory transparency, tax incentives, and infrastructure that rival global standards. With over $36 billion in assets under management and 124 registered fund units as of March 2024, GIFT City is becoming a preferred destination for asset and wealth managers worldwide.

Khemani also connected GIFT City’s evolution with the government’s broader vision under Amrit Kaal, projecting India’s share in global trade to rise from 12 percent to 16 percent and targeting per capita income of $18,000. She noted the city’s multi-currency capabilities, favorable tax treatment, and appeal for non-resident investors as key differentiators, positioning GIFT as a global center for financial innovation.

The first panel discussion, titled GIFT AIFs: Unlocking Inbound and Outbound Investment Potentials, was moderated by Tejas Desai, Co-Chair of the PE&VC Committee at the Bombay Chamber and Partner at Ernst & Young. The panellists included Pavan Shah, General Manager, International Financial Services Centres Authority (IFSCA); Mitul Mehta, Chief Financial Officer, Blume Ventures; Lakshmi Iyer, CEO – Investment & Strategy, Kotak Alternate Asset Managers; Clarence Anthony, Managing Partner, Clarence & Partners; and Niutpol Handique, Assistant Vice President – International Business Development, Mirae Asset Management Company.

The session addressed the game-changing nature of 100 percent NRI-focused funds, the challenges faced by domestic SEBI AIFs in making offshore investments, and how the FEMA non-resident status of GIFT AIFs offers a compelling solution. The discussion also covered recent amendments to the Fund Management Entity Regulations and the tax advantages of launching asset-specific funds through GIFT City, especially for investing in Indian mutual funds.

The second panel, Dual Listing in GIFT City, moderated by Jyoti Vineet Tandon, Compliance Consultant and Co-Founder of FinCrimeExpert, featured Pradeep Ramakrishnan, Executive Director, International Financial Services Centres Authority (IFSCA); Vijay Krishnamurthy, Managing Director and CEO, India INX; Siddharth Shah, Partner, Khaitan & Co.; and Veenit Surana, Partner, Ernst & Young. The panellists provided insights into IFSCA’s regulatory vision, the readiness of market infrastructure institutions, and the broader ecosystem required to make dual listings a viable and attractive route for Indian and global market participants.

The event concluded with a vote of thanks from Sandeep Khosla who underscored the value of the discussions and the Chamber’s ongoing efforts to support industry-policy collaboration.

For More Details Contact: Priya Singh at priya.singh@bombaychamber.com OR 022 61200238

Pune to Host India’s First-Ever International Agritech Hackathon

Pune, April 21, 2025 – In a landmark initiative to revolutionize the agriculture sector through innovation and technology, Pune will host the country’s first-ever International Agritech Hackathon. The event was officially launched on 21st April 2025 by Hon’ble Guardian Minister (Pune) and Deputy Chief Minister of Maharashtra State, Shri Ajit Dada Pawar, at Ganesh Kala Krida Manch, Pune.

The International Agritech Hackathon is a collaborative effort between the District Administration, Pune, and the Bombay Chamber of Commerce & Industry. During the launch, a MoU was signed by Mr. Jitendra Dudi, District Collector, Pune and Chief Organizer of the Hackathon, Mr. Rajan Raje, Chairperson, Agriculture & Food Processing Committee – Bombay Chamber and CEO, Nichem Solutions and Mr. Chetan Dedhia, Expert Committee Member, Agriculture & Food Processing Committee – Bombay Chamber and Managing Partner, J.J.Overseas.

Through this MoU, the Bombay Chamber has extended full support to the district administration to ensure the successful execution of the Hackathon.

The International Agritech Hackathon aims to bring together students, startups, developers, researchers, and innovators from diverse backgrounds, all driven by a shared goal — to transform the future of agriculture through cutting-edge technology.

Registrations are now open, and interested participants can register via the official website: https://www.puneagrihackathon.com/

Bombay Chamber and SOFOFA sign landmark MoU to strengthen India-Chile trade relations

The Bombay Chamber of Commerce & Industry and SOFOFA, the Chilean Federation of Industry, have formally entered into a historic Memorandum of Understanding (MoU) aimed at deepening economic engagement between India and Chile. The agreement was signed by Rosario Navarro, President of the Chilean Federation of Industry, and Pinky Mehta, President of the Bombay Chamber of Commerce & Industry and CFO of Aditya Birla Capital, during a networking meeting organised by the Bombay Chamber in collaboration with the Chile Business Forum on April 03, 2025.

The signing ceremony was attended by several eminent dignitaries, including Jose Miguel Benavente H. Vice Presidente Ejecutivo, Corfo; Viraj Kulkarni, Chairman of the International Trade and Commerce Committee of the Bombay Chamber; Ivan Marambio, President of the Chilean Chapter of the Chile-India Business Council; Nandan Mehta, Corporate Affairs-EMEA, Tata Consultancy Services; and Siddhartha Roy, Business Head-New Country Development, Marico and other esteemed guest from Chile & India.

A key pillar of the MoU is to establish a strategic commitment by both organisations to support their respective governments in the negotiation of a Comprehensive Economic Partnership Agreement (CEPA) between Chile and India. Through technical insights and industry perspectives, both parties aim to contribute constructively to the advancement of trade discussions.

Additionally, should a CEPA be successfully concluded, the Bombay Chamber and SOFOFA will collaborate to facilitate its effective implementation, monitor emerging business opportunities, and drive private sector participation through trade missions, industry briefings, and sectoral collaboration initiatives.

Established in 2020, the Chile-India Business Council aims to double trade volumes between India and Chile by 2026, with a focus on food and beverage exports. “To facilitate this growth, the Council is actively engaging Indian business partners, leveraging industry expertise and market insights to create structured trade opportunities. The Council is focused on transforming trade discussions into measurable business outcomes, ensuring long-term commercial success between Chile and India,” said Marambio.

Speaking at the event, Siddhartha Roy, Business Head-New Country Development, Marico, reflected on Chile’s rich cultural legacy and the strong commercial ties between both nations. “Over the years, India and Chile have demonstrated resilience and dynamism. Chile’s mining industry has thrived, and Indian companies are actively exploring greenfield and brownfield investments. Likewise, Indian IT firms have established a strong presence in Chile,” he said.

India-Chile bilateral trade has witnessed remarkable expansion, rising from $1.5 billion in 2020 to $3.8 billion in 2024. Investment opportunities are evolving beyond traditional sectors, with agriculture, digital services, pharmaceuticals, and automobiles emerging as areas for enhanced cooperation.

Viraj Kulkarni, Chairman of the International Trade and Commerce Committee of the Bombay Chamber, emphasised Mumbai’s economic prominence, citing its gross domestic product (GDP) of over $600 billion and its pivotal role as India’s financial centre. “Mumbai is a gateway to East Asia, just as Santiago could serve as a strategic hub for India’s presence in Latin America. This MoU ensures structured collaboration, enabling businesses to leverage the immense opportunities before them,” he said.

This MoU marks a significant step taken by the Bombay Chamber and SOFOFA, laying the groundwork for structured commercial growth. Both organisations have pledged to support CEPA negotiations and drive cross-border cooperation through sustained industry engagement.

Union Minister Sarbananda Sonowal joins Global Maritime Leaders at Singapore Maritime Week (SMW)

The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal joined Global Maritime Leaders at the Singapore Maritime Week (SMW) to discuss, deliberate and devise strategies based on the shared vision for a secure, sustainable and prosperous maritime future. The Minister highlighted the challenges and India’s vision to channel growth of the maritime sector around that. Shri Sonowal also argued for strengthening maritime connectivity and supply chains while the need for collective effort towards a green sustainable maritime future.

On digitalisation and future ready shipping, the Union Minister reiterated how it is the core strategy of India’s maritime policy. India’s maritime policies like ONOP, NLP (Marine), and MAITRI are streamlining port services, cutting transaction times, and enabling real-time data. India is also partnering with the UAE and Singapore to create Virtual Trade Corridors for seamless cargo movement.

Speaking on the occasion, the Union Minister, Sarbananda Sonowal said, “India’s maritime vision, rooted in ‘Vasudhaiva Kutumbakam’, promotes collaboration and shared prosperity. As a reliable and responsible partner, India is committed to building a green, secure, and inclusive maritime future. Alongside Singapore and global partners, we aim to drive innovation and collective action for a resilient maritime ecosystem.”

Shri Sonowal met Senior Minister and ex PM of Singapore, Lee Hsien Loong at the SMW. Union Minister was ushered to the bilateral meeting with Murali Pillai, Minister of State, Ministry of Law and Ministry of Transport, Singapore. The Union Minister also held individual meetings with other senior members of the government including Dr Tan See Leng, Minister for Manpower and Second Minister of Trade and Industry, Singapore; Vivian Balakrishnan, Minister for Foreign Affairs, Singapore. Sonowal said at the SMW that India is addressing supply chain vulnerabilities by developing key corridors like IMEEC, the Eastern Maritime Corridor, and the North-South Transport Corridor to secure trade routes. A USD 20 billion investment would enhance logistics, port connectivity, and trade facilitation. India targets a top-five global shipbuilding rank by 2047 through policy reforms and infrastructure upgrades.

Ports aim to grow their global cargo share from 6% to 15% by 2047, supported by a Maritime Development Fund for fleet and shipyard expansion. The GIFT City is also rising as a global hub for maritime finance and ship leasing, offering a competitive gateway to global capital, highlighted Shri Sarbananda Sonowal at the SMW Adding further, he said, “The maritime sector faces both challenges and opportunities, from climate change and geopolitics to digital disruption and shifting trade patterns. Guided by PM Narendra Modi’s vision of Viksit Bharat and Atmanirbhar Bharat, India is advancing as a modern, self-reliant, and globally connected economy. The maritime sector is key to driving growth, resilience, and sustainable connectivity. India is expanding port infrastructure, integrating logistics, and boosting ease of doing business—resulting in greater port efficiency, stronger cargo flows, and growing investor confidence.”

In his concluding remark, Shri Sarbananda Sonowal said, “Sustainability is central to India’s maritime strategy. We are advancing green port infrastructure, promoting low-emission shipping, and supporting innovation in low-carbon vessels. Three Green Hydrogen Hub Ports— Kandla, Tuticorin, and Paradip—will drive alternative fuel adoption and green hydrogen production.

India is also leading the IMO’s Green Voyage 2050 initiative, helping developing nations in their energy transitions. Our commitment, under the leadership of Prime Minister Shri Narendra Modi ji, extends to developing Green Shipping Corridors, including the proposed India-Singapore Green and Digital Corridor, focused on clean energy and smart logistics. Oceans unite us. Through partnerships, we can turn today’s maritime challenges into shared, sustainable opportunities.” Sarbananda Sonowal also met Industry Captains including Jeremy Nixon, Global CEO, ONE and Masashi Hamada along with other corporate leaders from the Maritime Sector including APM Terminals, Gateway Terminals.

National Academy of Customs, Indirect Taxes, and Narcotics (NACIN) and Indian Maritime University (IMU) sign MoU for strategic knowledge partnership

A Memorandum of Understanding (MoU) was signed between the National Academy of Customs, Indirect Taxes, and Narcotics (NACIN) and the Indian Maritime University (IMU) in Chennai, today. This collaboration aims to strengthen the Marine Customs Training Centre by enhancing the maritime enforcement and operational capabilities of CBIC officers, while also creating a platform for mutual learning and institutional synergy between NACIN and IMU.

The MoU was signed by Shri Gaigongdin Panmei, Principal Director General for NACIN, and Dr. Rajoo Balaji, Pro Vice-Chancellor for IMU (representing the Vice Chancellor), in the presence of Smt. Aruna Narayan Gupta, Member, Central Board of Indirect Tax and Customs, and, Additional Director Generals, Dr. M.G. Thamizh Valavan and Dr. Ezhilmathi K, along with Shri K. Saravanan, Registrar, IMU, and Dr. P.J. Rangachari, Director, IMU Chennai Campus, among other senior officials from both institutions

Addressing the esteemed dignitaries and officials present, Smt. Gupta stated that the collaboration marks a significant step towards enhancing the capabilities of CBIC officers engaged in marine preventive work, thereby strengthening collective efforts in safeguarding national security.

This MoU between NACIN and IMU establishes a collaborative framework for the training of CBIC officers involved in marine operations. It outlines the development of a comprehensive training programme aimed at bridging existing knowledge gaps in maritime enforcement and operational practices. The curriculum will be enriched by incorporating both domestic and international perspectives. The collaboration seeks to mutually benefit both institutions—leveraging IMU’s academic and technical expertise and NACIN’s enforcement experience.

For CBIC, the collaboration significantly strengthens its marine enforcement capabilities by providing officers with specialized, hands-on training in advanced maritime technologies, aligned with global best practices. For IMU, this partnership offers a valuable opportunity to extend its academic reach into the domain of maritime enforcement, enhance the practical application of its training modules, and engage in collaborative research on emerging technologies such as drone surveillance and recent advancements in the maritime sector.

Furthermore, the MoU paves the way for the inclusion of personnel from other departments and international participants, underscoring the global relevance and strategic scope of this initiative.

The collaboration with IMU will further elevate NACIN’s capabilities by integrating academic excellence, cutting-edge technology, and global best practices into its training framework. This partnership not only ensures the development of a robust and future-ready maritime enforcement training ecosystem but also reinforces India’s commitment to fostering institutional synergies to safeguard its maritime interests. The Marine Customs Training Centre, empowered by this collaboration, is poised to emerge as a centre of excellence for marine enforcement training in the region and beyond.

Government of India Taking Measures Against Misuse of Personal Data

Unsolicited Commercial Communications (UCC) are regulated by the Telecom Regulatory Authority of India (TRAI). TRAI has issued Telecommunications Commercial Communications Consumers Preference Regulations, 2018 (TCCCPR-2018) which deals with UCC. Under the TCCCPR-2018 regulations a number of directions have been issued for the implementation of its provisions. These directions inter-alia have provisions for registering preferences for commercial communication where a telecom subscriber can opt to block all commercial communications or can selectively block commercial communications as per preference categories.
Customers can register complaint against senders of UCC through Mobile App, sending SMS or calling on a specific number 1909.

The Government of India has taken major initiatives like enactment of Information Technology (IT) Act, 2000, setting up of Indian Computer Emergency Response Team and National Critical Information Infrastructure Protection Centre, releasing of National Cyber Security Policy 2013, appointing Chief Information Security Officer, thus ensuring security and privacy of personal information of users in India. The Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 under the IT Act prescribes reasonable security practices and procedures to protect sensitive personal data of users.
Digital Personal Data Protection Act, 2023 (“DPDP Act”) provides the legal framework for processing of personal data, notice to be issued to data principal, consent of the data principal including withdrawal of such consent, rights of the data principal, obligations of the data fiduciaries, penalties for non-compliance, etc.

The DPDP Act provides legal framework for Data Fiduciaries to notify breaches and ensure effective observance of the provisions Act by implementing appropriate technical and organizational measures.

Further, the DPDP Act establishes a robust framework of accountability mechanisms to ensure the lawful processing of digital personal data with Data Protection Board of India as an independent adjudicatory body empowered to investigate complaints, conduct inquiries, and impose penalties. Ministry of Home Affairs has also established the Indian Cyber Crime Coordination Centre to deal with cyber-crimes in a comprehensive and coordinated manner.

Public awareness campaigns, such as Cyber Security Awareness Month and Safer Internet Day, are organized to educate citizens about online safety, secure online transactions and digital services.

This information was given by the Union Minister of Railways, Information & Broadcasting and Electronics & Information Technology Shri Ashwini Vaishnaw in Rajya Sabha today.

Empowerment can help women seafarers navigate their careers with dignity and pride: Capt. Aakriti Barthwal

In August 2005, nine girls enrolled with the Maritime Training Institute, The Shipping Corporation of India (SCI), with the dream of making a successful career in the male-dominated shipping industry. This was a unique situation at the time, as very few females chose to train as pre-sea cadets. The nine girls were equally divided into three batches comprising 40 students in each.

“The numbers clearly established the fact that it was a male-dominated industry. It was also a very bold step for us nine girls to be joining shipping at that time. Later, I did realise that very few of us would come up (the ranks),” said Capt. Aakriti Barthwal, QHSE Superintendent, Synergy Navis Marine Pvt. Ltd.

Continuing her journey, chalking out a growth plan, proving her capabilities, credibility and dedication for the next over a decade, her efforts finally got rewarded. In January 2017, she earned her command on board the vessel Swarna Krishna, owned and managed by SCI.

“This was only possible because The Shipping Corporation of India gave us females the opportunity and the floor to grow, expand and know our horizons. I also had immense support from my family, especially my husband, who, being a seafarer himself, understood the challenges and rewards of a career in shipping,” she shared.

Interestingly, among the nine girls who took up training as pre-sea cadets, only one made it to the rank of a master. Of her eight batchmates, some advanced to positions like second officer or chief officer, others diversified their careers, and a few left the field entirely to pursue non-shipping careers. “I often wondered why this happened,” Capt. Barthwal reflected.

Citing reasons that were possibly responsible for such an outcome, she said that while women began exploring a career in shipping in the years between 2004 and 2008, there was a lot of apprehension among their parents and relatives as the career path and growth was not very clear.

“There were challenges on board including bitter experiences, lack of inclusivity and gender biases. Also, despite the selection criteria being the same for everyone, there was a sense of unacceptability on board for many females, which made them lose out. The roadblock is still the same and that’s why discussions about women in shipping and identifying ways and means for them to grow are very crucial,” she said.

Sharing her personal experience about challenges faced, Capt. Barthwal said that it took her 11 months to find a shore job after she decided to leave (for family reasons) sailing in January 2019. “It may look easy now but landing a shore job was a huge challenge five years ago. Despite the fact that I was a master mariner from an oil and chemical tankers background, companies were still hesitant on taking a female for the job,” said Capt. Barthwal. She added that after numerous meetings and rounds of interviews, she finally succeeded in November 2019 and became a QHSE (Quality, Health, Safety, and Environmental) Superintendent at Synergy Navis Marine.

“Synergy gave me the opportunity to become their first-ever female QHSE Superintendent after I proved that women bring equal credibility, having undergone the same rigorous training and work experiences,” she said.

Another significant milestone came in December 2024 when Capt. Barthwal became India’s first female RightShip inspector. RightShip, the world’s leading ESG (Environmental, Social, and Governance)-focused maritime platform, is renowned for its expertise in safety, sustainability, and social responsibility.

So how is the industry scenario like now for women aspiring to make a career in shipping? She said, “Things have changed drastically. There are various initiatives by the Government of India like the Maritime India Vision 2030 that has outlined 150 initiatives including becoming a top seafaring nation with world-class education, research and training.”

She pointed to the 2019 guidelines issued to ensure a conducive work environment for women on board ships. Initiatives like scholarships by the Maritime Training Trust and the ‘Sagar Mein Samman’ programme aim to enhance the role of women in the maritime sector. “This programme fosters respect and empowerment, helping women seafarers navigate their careers with dignity and pride,” she added.

Additionally, companies have embraced diversity, equity, and inclusion (DEI) initiatives, offering scholarships to underprivileged girls to remove financial barriers.

Seminars and webinars held by the government and private organisations have also played a role in addressing parents’ concerns, encouraging them to support their daughters’ ambitions in shipping.

Today, women are excelling in various roles, not just as officers but also as ratings professionals on chemical tankers, gas tankers, and other vessels. “These developments prove that when given the chance, women thrive and succeed in their shipping careers,” said Capt. Barthwal.

Despite all the initiatives and programmes by the government and the private sector to bring more women in shipping, challenges remain. Women constitute less than 2% of the global seafaring workforce. While more women are entering the field, only a small fraction rises to managerial or commanding positions. Entry into the industry has become easier, but career growth remains a challenge.

She stressed that promotions, leadership roles, and access to advanced training courses are still hurdles for women, whether on board ships or in shore-based roles. “The real challenge isn’t just recruiting women into shipping, it’s retaining them, supporting their growth, and enabling them to take leadership roles. Only then can the industry’s goals of gender equality and inclusivity become a reality,” she concluded.

Initiatives to foster leadership among women

To bridge the gap and support women in taking on leadership roles, the sector needs to:

– Provide more opportunities for women to gain experience and take on challenging assignments that prepare them for leadership positions.

– Implement structured mentorship programs that pair experienced women leaders with aspiring female seafarers and shore-based professionals.

– Offer leadership development training and coaching specifically tailored for women in the industry.

– Ensure fair and transparent promotion processes that evaluate candidates based on merit, not gender biases.

– Foster an inclusive work culture that values diversity and actively supports the career advancement of women.

– Collaborate with industry associations and the government to create policies and initiatives that enable women’s progression to senior roles.

(Write to us at editorial@bombaychamber.com)

NHLML and IWAI signs MoU for state-of-art Multi-Modal Logistics Park in Varanasi

A significant Memorandum of Understanding (MoU) between National Highways Logistics Management Limited (NHLML) and Inland Waterways Authority of India (IWAI) was signed in the presence of Union Minister of Road Transport and Highways, Shri Nitin Gadkari and Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal, today.

The MoU is to develop a state-of-the-art Multi-Modal Logistics Park (MMLP) in Varanasi, Uttar Pradesh.

Highlights of MMLP
The 150-acre park is strategically connected to NH7 via a 650m access road and is just 1.5 km from the NH7-NH2 junction. It will seamlessly integrate with the Eastern Dedicated Freight Corridor through a 5.1 km railway line from Jeonathpur Station and National Waterway-1 and is located 30 km from Lal Bahadur Shastri Airport.

The project promises significant investment and employment opportunities, strengthening India’s logistics sector, enhancing trade efficiency, and driving economic growth. This initiative is a testament to India’s commitment to developing its logistics sector and reinforcing its position as a global economic powerhouse.

Dr. Jitendra Singh Highlights ₹20,000 Cr Boost for Research & Innovation, Says India Emerging as Global R&D Leader

India achieved Global Rank 3 in StartUps in last one decade

Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh said that India achieved global Rank 3 in StartUps in last one decade and reaffirmed the Union Government’s commitment to making India a global innovation hub, highlighting the ₹20,000 crore allocation in Budget 2025-26 for the Research, Development, and Innovation initiative.

He explained that the initiative aims to boost research and innovation in the private sector, with a strong focus on expanding efforts in sunrise industries. Speaking at the concluding session of the Post Budget Webinar 2025 on “Investing in Innovation,” he emphasized that this funding would drive cutting-edge research and technological advancements, particularly in deep-tech sectors.

The announcement builds on the ₹1 lakh crore corpus introduced in Budget 2024-25 to accelerate research and development (R&D) in the private sector, with a strong focus on sunrise technologies. Dr. Jitendra Singh underscored that these initiatives would strengthen India’s innovation ecosystem and encourage private sector investments in critical domains like semiconductor manufacturing, artificial intelligence, 5G, and quantum computing.

“India has made significant strides in innovation, with patent grants increasing 17 times since 2014 and our position in the Global Innovation Index rising from 81th to 39th among 133 economies. Today, we rank third globally as a leading contributor to scientific research,” Dr. Jitendra Singh stated.

Recognizing the need to nurture world-class research talent, the government has tripled the intake under the Prime Minister’s Research Fellowship (PMRF) Scheme. Originally launched in 2018, the scheme has so far supported 3,688 scholars. The latest Budget expands its reach to 10,000 fellowships over the next five years, offering more opportunities for young scientists to pursue groundbreaking research at India’s premier institutions.

“The PMRF is not just about financial assistance; it is about fostering an ecosystem where academic excellence and intellectual curiosity thrive,” the Minister remarked.

Underscoring the significance of geospatial technology for economic growth and infrastructure planning, Dr. Jitendra Singh highlighted the National Geospatial Mission, an initiative launched under the 2022 National Geospatial Policy. “This mission is critical for India’s transition to a developed nation by 2047,” he said, citing its applications in urban planning, disaster management, and precision agriculture.

India’s agricultural security is also receiving a boost with the establishment of a National Enlarged Gene bank Replica. “India’s National Gene bank is the second largest globally, preserving over 4.7 lakh accessions of 2,147 species, including traditional crops. The new initiative will further safeguard our crop diversity and ensure long-term food security,” Dr. Jitendra Singh explained.

In an ambitious effort to protect India’s vast manuscript heritage, the Gyan Bharatam Mission has been launched to digitize over one crore ancient manuscripts and create a National Digital Repository. “India has an unparalleled intellectual and cultural wealth, much of which is fragile and inaccessible. This initiative will ensure its preservation and accessibility for scholars and researchers worldwide,” the Minister emphasized.

Concluding the session, Dr. Jitendra Singh reiterated that these initiatives align with the government’s broader vision of ‘Viksit Bharat 2047’, a roadmap for India’s transformation into a developed nation. “Investment in innovation is not just about economic growth—it is about empowering young minds, strengthening our technological sovereignty, and securing India’s future on the global stage,” he said.

With bold investments in research fellowships, deep-tech, and digital infrastructure, the government is making a decisive push to position India as a global leader in science and technology.

Union Minister of Commerce & Industry Shri Piyush Goyal emphasises mutual funds industry’s role in India’s growth at AMFI Summit 2025

The mutual funds industry has played a pivotal role in India’s growth story by encouraging financial literacy and taking innovative financial ideas to the industry and the investors. This was stated by Union Minister of Commerce & Industry Shri Piyush Goyal during his address as a Chief Guest at the Association of Mutual Funds in India (AMFI) Mutual Fund Summit 2025 today in Mumbai.

The Minister further complimented the domestic investors for filling the gap created by the foreign institutional investors (FIIs) post-Covid. “Collective investment methods like SIPs along with domestic investors supported the market. They helped in spreading financial awareness and financial products to every part of the country, he said.

Highlighting the importance of safeguarding the importance of small investors and other key stakeholders, Shri Goyal urged the industry leaders to reflect on ways to minimise volatility in the stock market. Large fund inflows, compulsions of the market to deploy capital, fear among investors on missing out on attractive stocks brought crises among investors during rightsizing. There has been a lot of misinformation flow about the unending ability of the market to go on a one-way street, he noted, and described the unpredictability of the stock market as a wakeup call for the industry and its small investors.

AMFI should also become conscious of its duties by isolating misguided investors from the rest. Companies with mettle have maintained reasonable prices at the stock market during recent turbulence, he noted. He said that duties and responsibilities of the industry towards the market are larger than the profitable returns investors enjoy in the short term. He also added that government spending and private capex are showing signs of comeback.

Elaborating on the responsibilities of the mutual funds industry towards its investors, the Minister urged the participants to be more diligent in cautioning investors from taking risks. He hoped that initiatives as such will spur India’s growth story for the next 22 years. Shri Goyal urged the industry to support and handhold investors, look at financial inclusion as a collective responsibility and take up financial education as its duty.

Shri Goyal asserted that assets under management (AUM) in the mutual funds industry at nearly Rs 70 lakh crore and soon to be Rs 100 lakh crore will dominate the market and domestic investors will determine India’s future not the foreign institutional investors. He also highlighted the need for the industry as wealth creators to have a fair and organised market.