Government Commits Additional INR 10,000 Crore to Boost Deep-Tech Startups
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In a move to strengthen India's deep-tech ecosystem, Commerce and Industry Minister Piyush Goyal announced an additional INR 10,000 crore allocation under the Fund of Funds scheme. The announcement was made during an event hosted by IIT Madras and its alumni association in Bengaluru on Saturday.
This fresh infusion follows the government's full commitment of the initial INR 10,000 crore tranche announced in the previous Budget. Goyal stated that the new funding will focus heavily on supporting the deep-tech ecosystem, including innovation, technology absorption, and the deployment of advanced technologies across key sectors.
"This time around, it's largely going to support the deep tech ecosystem," Goyal said. "We are just formulating the guidelines and the full money goes to promote innovation, absorption of newer technologies and the deployment of newer tech in contemporary fields."
The expansion of the Fund of Funds comes amid concerns that private sector investment in research and development remains disproportionately low, despite numerous government incentives. Addressing this gap, the government had earlier proposed a dedicated deep-tech fund in the February Budget to catalyse the next wave of technology-led startups.
Goyal's remarks align with his long-standing call for Indian entrepreneurs to transition from being the world's back office to becoming global leaders in technology and innovation. "It helps us to climb the growth chart and buck the trend in a slowing global trade environment," he noted.
The announcement also coincides with the launch of #100DesiDeepTechs, an initiative by India's Startup Policy Forum (SPF), in collaboration with Startup India (DPIIT), MEITY Startup Hub, and IIT Madras. The programme aims to identify and support 100 promising Indian deep-tech startups, focusing on critical sectors like semiconductors, defence, quantum technology, green hydrogen, space, and biotech.
Selected startups will participate in closed-door discussions with policymakers and industry leaders, with the outcomes contributing to a white paper outlining regulatory and policy recommendations. The initiative will culminate in a high-level forum, "Deeptech Baithak", where the white paper will be released and SPF's new Centre for Deep-Tech Policy Research formally launched.
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