Piyush Goyal unveils Rs 10,000 crore fund to boost deep-tech startups, with focus on seed funding.
Commerce and Industry Minister Piyush Goyal recently revealed that a considerable portion of the Rs 10,000 crore second fund of funds for startups in India will be d
Commerce and Industry Minister Piyush Goyal recently revealed that a considerable portion of the Rs 10,000 crore second fund of funds for startups in India will be directed towards supporting seed funding for smaller players in order to foster deep-tech innovation. The Small Industries Development Bank of India (Sidbi), a government financial institution, has been tasked with managing this fund, which includes a Rs 2,000 crore allocation for the current year. This move is expected to provide a significant boost to the startup ecosystem in the country, particularly for early-stage startups looking to develop cutting-edge technologies and solutions. The focus on supporting seed funding for smaller players highlights the government's commitment to promoting innovation and entrepreneurship in India. By encouraging deep-tech innovation at the grassroots level, the fund aims to drive economic growth and create a conducive environment for startups to flourish. This initiative comes as part of the government's ongoing efforts to boost the startup ecosystem and position India as a global hub for innovation and technology. The allocation of funds for seed funding is likely to benefit a wide range of startups, enabling them to access the capital needed to bring their innovative ideas to fruition and contribute to the country's economic development.