IIT Madras Tech Summit 2026: Edu minister calls for higher private sector investment in research, innovation

NEW DELHI: Union Education Minister Dharmendra Pradhan on Tuesday called on the private sector to step up investments in research and innovation, emphasising the need for greater industry participation in the sector.

Inaugurating the IIT Madras Technology Summit 2026 here, Pradhan said that while the government has significantly increased funding for research and development, industry contribution needs to rise. "About 70 per cent of research investment in India currently comes from government funding. This is not a healthy sign. We need at least a 50-50 contribution between government and industry," he said.

Highlighting the government's push for innovation, Pradhan said a Rs 1 lakh crore corpus has been allocated for research, development and innovation, including support for startups.

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Pradhan praises IIT Madras for its research, innovation

He noted that India has emerged as a global hub for startups, with their number rising from a few hundred to over 2.5 lakh in recent years, and the country improving its position in the Global Innovation Index from 85th to 38th.

"A few years back, we had only a few hundred startups in our country. Now, we have crossed more than two and a half lakh startups. There is a new culture in the world, and India is improving its position in the innovation index from 85th to 38th," he said.

The minister reiterated the goal of making India a developed nation by 2047, and said the Global South will depend on the Indian model. Praising IIT Madras for its initiatives, he said institutions must remain accountable to society and communicate their contributions in research and innovation.

"Building Bharat is not limited to India's boundaries. It means creating sustainable solutions for the world, especially for the poor and the Global South," he said.