Piyush Goyal Backs Deeptech with ₹10,000 Cr Startup Fund
In a move that is expected to boost the Indian startup ecosystem, Commerce and Industry Minister Piyush Goyal announced on Saturday that the government will provide a substantial outlay for deeptech startups from the ₹10,000 crore Fund of Funds scheme. Addressing the Startup Mahakumbh 2025 here, the minister said he has directed the Small Industries Development Bank of India (SIDBI) to prioritize smaller startups while disbursing funds through the scheme.
Deeptech startups, which are focused on developing cutting-edge technologies, have been gaining traction in recent years. These startups are working on innovative solutions in areas such as artificial intelligence, robotics, and biotechnology, among others. The government’s decision to allocate funds specifically for deeptech startups is expected to provide a significant boost to this sector.
The ₹10,000 crore Fund of Funds scheme was launched by the government in 2016 with the aim of providing financial support to startups and small and medium-sized enterprises (SMEs). The scheme is managed by SIDBI, which is responsible for disbursing funds to eligible startups and SMEs.
In his address, Goyal emphasized the importance of deeptech startups in driving innovation and growth in the country. “Deeptech startups are the future of India’s startup ecosystem,” he said. “They have the potential to create a significant impact on the economy and society. Therefore, we have decided to provide a big push to these startups through the Fund of Funds scheme.”
Goyal also highlighted the need for startups to focus on developing solutions that have the potential to solve real-world problems. “We need startups that can create solutions that can solve real-world problems,” he said. “We need startups that can create jobs and opportunities for the youth. We need startups that can contribute to the growth and development of the country.”
The government’s decision to allocate funds for deeptech startups is expected to provide a significant boost to this sector. Deeptech startups have been facing challenges in terms of funding, and the government’s decision is expected to provide them with the necessary resources to scale their businesses.
In addition to the Fund of Funds scheme, the government has also announced several other initiatives to support deeptech startups. These include the setting up of a deeptech startup accelerator, which will provide funding and mentorship to deeptech startups, and the launch of a deeptech startup incubator, which will provide incubation facilities to deeptech startups.
The government’s decision to allocate funds for deeptech startups is expected to have a positive impact on the economy. Deeptech startups have the potential to create jobs and opportunities for the youth, and they can also contribute to the growth and development of the country.
In conclusion, the government’s decision to allocate funds for deeptech startups is a significant step forward in promoting innovation and entrepreneurship in the country. Deeptech startups have the potential to create a significant impact on the economy and society, and the government’s decision is expected to provide them with the necessary resources to scale their businesses.
