Synopsis
The PHDCCI has applauded the Rs 10,000 crore fund allocation in the Union Budget, viewing it as a significant step towards advancing deeptech and innovation in India, particularly in AI and startups.Key Takeaways
- Allocation of Rs 10,000 crore for deeptech.
- Game-changer for India's innovation ecosystem.
- Empowerment of AI and robotics startups.
- Alignment with Digital India vision.
- Growth from 400 to 1.5 lakh startups since 2016.
New Delhi, April 15 (NationPress) The PHD Chamber of Commerce and Industry (PHDCCI) on Tuesday referred to the allocation of Rs 10,000 crore in the Union Budget for the exploration and enhancement of deeptech in the nation as a forward-thinking and groundbreaking initiative that will pave the way for new opportunities within the startup and innovation ecosystem, including Artificial Intelligence (AI).
PHDCCI's CEO and Secretary General, Dr. Ranjeet Mehta, spoke with IANS to commend the Prime Minister Narendra Modi-led government’s Rs 10,000 crore Deep Tech Fund, asserting that it will serve as a game-changer for India's innovation ecosystem.
"This fund will empower deep tech startups in AI, robotics, and manufacturing, positioning India as a global tech leader," he stated.
Dr. Mehta further indicated that this initiative will propel sectors such as healthtech and govtech, closely aligning with the Digital India vision.
Emphasizing India's emergence as the third-largest startup ecosystem worldwide, he noted, "From merely 400 startups in 2016, we have now surpassed 1.5 lakh registered with DPIIT."
The PHDCCI Secretary General also highlighted the significance of Atmanirbhar Bharat and international partnerships, including collaborations with SpaceX and Tesla's Elon Musk, in enhancing India's stature in space tech and AI innovation.
"India’s youthful population, supported by visionary policies, is now at the forefront of global innovation," he remarked.
The Centre, in the Budget for 2025-26, made a considerable allocation towards developing deeptech and AI-enabled platforms via the Rs 10,000 crore Fund of Funds scheme.
Union Commerce Minister Piyush Goyal, addressing the Startup Mahakumbh recently, reiterated that the Centre is devoted to facilitating startups rather than regulating them.
Asserting India's burgeoning capabilities in innovation, Goyal expressed confidence in the country's potential in deep technology, artificial intelligence, and data analytics.
"This foundation assures me that India will make significant strides into the world of innovation. We will establish our presence on the global stage," he stated.
