Commerce and Industry Minister Piyush Goyal recently revealed that a substantial portion of the Rs 10,000 crore second fund of funds for startups in India will be utilized to bolster seed funding for smaller players, particularly to foster deep-tech innovation in the country. The Small Industries Development Bank of India (Sidbi), a government financial institution, has been entrusted with the administration of this fund, which includes an allocation of Rs 2,000 crore for the current fiscal year. This initiative is aimed at providing crucial financial support to startups at their nascent stages, enabling them to explore and develop cutting-edge technologies that have the potential to significantly impact various sectors of the economy. Goyal’s announcement underscores the government’s commitment to promoting innovation and entrepreneurship in India, particularly in the burgeoning deep-tech space. By earmarking a substantial amount from the fund of funds for seed funding, the government aims to create a conducive ecosystem for startups to thrive and contribute towards the country’s growth and development. This strategic move is expected to not only empower startups but also drive technological advancements and fuel economic growth in the long run.