Goyal Promises Significant Support for Deeptech Startups from Rs 10,000 Crore Fund
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Synopsis
Commerce Minister Piyush Goyal announced a significant funding initiative for deeptech startups, emphasizing innovation and support for smaller enterprises. He urged local investors to recognize the potential of India's startup ecosystem and reassured young entrepreneurs of the government's facilitative role.
Key Takeaways
- Government to allocate funds for deeptech startups.
- Focus on supporting smaller startups via SIDBI.
- Encouragement for local investment in the startup ecosystem.
- Government aims to act as a facilitator for entrepreneurs.
- India poised for global leadership in innovation.
New Delhi, April 5 (NationPress) Commerce and Industry Minister Piyush Goyal declared on Saturday that the government is set to allocate a considerable budget for deeptech startups from the Rs 10,000 crore Fund of Funds scheme.
Speaking at the Startup Mahakumbh 2025 event, the minister indicated that he has instructed SIDBI to focus on smaller startups when distributing funds through this initiative.
“I envision SIDBI establishing one center in each state to assist startup founders and entrepreneurs in pursuing innovative ideas,” he stated.
Goyal expressed optimism about India’s capabilities in deep technology, artificial intelligence, and data analytics.
“This is the groundwork on which I firmly believe India will make a significant impact in the realm of innovation. We aim to leave our mark on the global scene,” he commented.
The minister also encouraged Indian investors to appreciate the vast potential of the nation’s startup ecosystem, highlighting that young talents are producing remarkable work that could be accelerated with increased local investment.
He reassured young entrepreneurs that the government intends to act as a facilitator rather than a regulator to enhance the startup environment. He requested their feedback on improving the ease of doing business.
In a critique of opposition parties, Goyal remarked: “Some political factions use the same name as our nation – India – yet they seem troubled when initiatives like Startup Mahakumbh achieve success.”
Previously, Goyal had ignited a discussion by comparing Chinese and Indian startups to highlight the necessity for a greater emphasis on advanced technology.
Nonetheless, he reiterated his assurance that India is poised to become a global leader in innovation and tech-driven advancement.
“This is the foundation – the base – on which I am confident India will significantly enter the world of innovation. We will assert our presence on the international stage. I leave here very pleased with the progress made alongside our young startups. Young India is eager to excel. They are ready to conquer the world,” Goyal stated.
