Piyush Goyal Announces ₹10,000 Crore Fund of Funds to Boost India’s Deep Tech Startups

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Piyush Goyal Announces Fund of Funds Allocation for Deep Tech Startups

Piyush Goyal, India’s Commerce and Industry Minister, has announced that the government’s ₹10,000 crore Startup Fund of Funds will now be dedicated exclusively to deep tech startups. This major policy move aims to strengthen India’s innovation ecosystem by helping founders working on advanced technologies retain ownership and reduce dependence on foreign investors. According to Piyush Goyal, the initiative will ensure that the value created by Indian startups remains within the country and accelerates India’s journey toward technological self-reliance.

During his address, Piyush Goyal emphasized that India’s next phase of growth must be powered by homegrown innovation and technology. He pointed out that India produces nearly 15 lakh engineers and around 24 lakh STEM graduates annually, giving the country a strong talent base for deep tech research and development. Goyal also highlighted that by nurturing startups in areas such as artificial intelligence, semiconductors, quantum computing, and advanced materials, India can position itself as a global technology leader.

credits: outlook india

Piyush Goyal’s Vision for the Startup Ecosystem

The announcement by Piyush Goyal reflects a strategic shift in the government’s focus from broad startup support to specialized investment in high-impact technology ventures. By channeling the Fund of Funds toward deep tech innovation, the government aims to empower Indian entrepreneurs to develop globally competitive solutions while retaining control of their intellectual property and equity. This initiative is expected to create long-term value and boost India’s competitiveness in frontier technology sectors.

Deep Tech Startups In India

Deep tech startups are companies that build products based on advanced scientific and engineering innovation, focusing on areas like artificial intelligence, robotics, quantum computing, biotechnology, and advanced materials. Unlike traditional tech ventures that develop apps or digital platforms, deep tech firms tackle complex real-world problems through original research and breakthrough technologies.

In India, the deep tech ecosystem has grown rapidly, supported by a strong pool of engineers, rising investor interest, and government initiatives. According to NASSCOM, India now hosts over 3,000 deep tech startups, growing at nearly 25% annually, with innovation clusters emerging in Bengaluru, Pune, Hyderabad, and Delhi NCR that are driving advancements in healthcare, agriculture, defense, and manufacturing.

[Credits for header image: KNN India 

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