New Delhi, 15 April (IANS). Dr. Ranjit Mehta, general secretary and CEO of Industry Organization PHDCCI, has described deep tech funds of Rs 10,000 crore declared in the Central Budget as a game changer for the country’s innovation ecosystem.
Mehta said that this fund will empower deep tech startups in AI, robotics and manufacturing and help the country emerge as a global tech leader.
He said that this initiative will give impetus to areas like health technology and government technology, which will be firmly associated with the vision of Digital India.
The CEO of PHDCCI said that India is the third largest startup ecosystem in the world and the number of startups registered with the Department of Industries and Internal Trade (DPIIT) has increased to 1.5 lakhs, which was at 400 in 2016.
According to Mehta, Space Technology and AI Innovation should focus on self -reliant India and international cooperation to strengthen the country’s situation.
He said, “India’s youth population is now pursuing global innovation by getting the support of visionary policies.”
Finance Minister Nirmala Sitharaman had announced to set up Fund of Funds (FOF) to support deep tech startups in the general budget presented in Parliament on 1 February.
Deep Tech FOF comes under Fund of Funds for Startups (FFS) of Small Industries Development Bank of India (SIDBI).
According to reports, it has been decided to allocate for sectors like New Edge Technology, Artificial Intelligence and Machine Building for the Ministry of Commerce and Industry Startups.
SIDBI FFS is one of the three major schemes encouraged by the government under the ‘Startup India’ initiative.
It is noteworthy that the FFS, launched on 16 January 2016, invests in the optional investment fund (AIF) instead of investing directly in the startup. Through this, SIDBI has so far invested over Rs 11,000 crore in Venture Capital and Venture Date firms, including Stalaris Venture Partners, Sanjay Nair’s Sorin Investments, Firecuce Ventures, Chirate Ventures, Trifacta Capital and Alteria Capital.
-IANS
ABS/Ekde
