Alongside a new helpline for regulatory support, Minister Piyush Goyal unveils ₹100 billion fund for deeptech startups, aiming to boost AI, robotics, and quantum computing.
Commerce Minister Piyush Goyal has announced a significant allocation for deeptech startups as part of the ₹100 billion fund of funds (FoF). Speaking at the Startup Mahakumbh, Goyal stated that this funding would mobilise “patient capital” to support research-driven ventures in emerging fields like AI, robotics, quantum computing, and machine learning.
According to a report by Inc42, he emphasised the aim to foster the development of cutting-edge technologies in sectors such as biotech and precision manufacturing.
This announcement follows Finance Minister Nirmala Sitharaman’s proposal in the recent budget to create a new ₹100 billion FoF for startups.
Goyal also revealed plans for a new helpline within Startup India to assist startups with regulatory issues and suggestions for reforms. The helpline will enable startups to address issues with government officials or seek guidance on regulatory frameworks for emerging technologies not currently covered by existing laws.
Goyal’s remarks came a day after stirring comments he made at the event. He urged Indian startup founders to focus on high-tech sectors, such as AI and robotics, rather than areas like grocery delivery and ice cream making.
He expressed concern over the lack of innovation in India’s deep tech sector and questioned whether startups aimed to compete globally or merely create short-term wealth.
His comments sparked debate, with some supporting his call for a greater focus on advanced technologies, while others, such as Zepto’s CEO Aadit Palicha, defended consumer-focused startups. Palicha highlighted the employment and tax contributions of such ventures.
Critics, including former Infosys CFO TV Mohandas Pai, argued that comparisons with China were unfair, citing India’s growing deep tech sector, despite its smaller scale.
