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India allocates additional ₹10,000 crore to support deep tech sector
'Having now committed the entire first tranche of Fund of Funds of Rs 10,000 crore in the last Budget, another Rs 10,000 crore has been provided,' Goyal said at an event organised by IIT Madras and the institute's alumni association in Bengaluru.
'This time around, it's largely going to support the deep tech ecosystem. 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,' he added.
The government announced in its Budget in February of setting up such a fund to catalyse the next generation startups as a part of this initiative. There were also some concerns that the private sector's expenditure on research and development (R&D) remained low despite a lot of incentives provided.
Goyal has repeatedly advocated Indian entrepreneurs to pivot from being the back office of the world to a leader in technology and innovation.
His comments come at a time when India's Startup Policy Forum has launched #100DesiDeepTechs, a multi-stakeholder initiative aimed at identifying and supporting 100 leading deep-tech startups in India.
Developed in collaboration with Startup India (DPIIT), MEITY Startup Hub, and IIT Madras, the programme seeks to strengthen policy dialogue and advance India's deep-tech ecosystem.
The initiative is accepting applications from Indian deep-tech startups. Selected participants will join closed-door policy discussions with industry and government stakeholders, leading to a white paper with regulatory recommendations.
Focus areas include semiconductors, defence, quantum tech, green hydrogen, space, drones, EVs, biotech, robotics, advanced manufacturing, and communications.
A Mentor Board consisting of founders, investors, policymakers, and experts will advise the #100DesiDeepTechs cohort, providing strategic guidance and access to networks.
A white paper will be released at 'Deeptech Baithak', a forum of founders, investors, and policymakers. The event will also mark the launch of SPF's Centre for deep-tech policy research, which will support ongoing policy efforts.
The deep-tech sector saw a huge surge in funding in 2024, up 78 per cent to $1.6 billion, compared to a year earlier. This was fuelled by supportive government policies, rapid advancements in Gen AI and innovations from emerging companies, according to a report by Nassscom and Zinnov.
Goyal explained that India was not hesitant to use new age technology. 'It helps us to climb the growth chart and buck the trend in a slowing global trade environment.'
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