Union Minister of Commerce and Industry Piyush Goyal on Wednesday said India can become a global innovation hub and can unlock a Rs 12 lakh crore opportunity in research and development by using its cost advantage, coupled with government support and academic expertise, according to news agency IANS.

In a video message on social media platform X, he said a government-supported R& D programme with about Rs 1 lakh crore in government funding, if equally matched by industry, could enable research worth Rs 10-12 lakh crore by leveraging India's medical colleges, Indian Institutes of Technology and other centres of excellence.