Innovation will be promoted in the country with a Deep Tech Fund of 10 Thousand Crore Rupees: PhDCCI

New -Delhi, April 15 (IANS). Dr. Ranjit Mehta, general secretary and CEO of the industry organization PhDCCI, described deep technical funds of Rs 10,000 crore declared in the central budget as a game changer for the country’s innovation ecosystem. Mehta said this fund would empower deep technological startups in AI, robotics and manufacturing and help the country appear as a global technical leader. He said this initiative will give the areas such as health technology and government technology, which will be firmly associated with the vision of Digital India. PhDCCI CEO said India is the third largest ecosystem in the world and that the number of startups registered with the Department of Industries and Internal Trade (DPIIT) increased to 1.5 lakhs, which was at 400 in 2016. According to Mehta, spacecraft and AI innovation, focus on self -denial of India and the international cooperative to strengthen the country. He said: “The youth population of India is now striving for global innovation by getting the support of visionary policy.” Finance Minister Nirmala Sitharaman has announced that it should set up funds (FOF) to support deep technological startups in the general budget presented in parliament on February 1. Deep Tech Fof comes under funds of funds for Startups (FFS) of Small Industries Development Bank of India (Sidbi). According to reports, it was decided to award sectors such as new Edge technology, artificial intelligence and machine building for the Ministry of Trade and Startups in the industry. Sidbi FFS is one of the three most important schemes encouraged by the government under the ‘Startup India’ initiative. It is noteworthy that the FFS, launched on January 16, 2016, invests in the optional investment fund (AIF) instead of investing directly in the start. In doing so, Sidbi has invested more than Rs 11,000 crore in venture capital and business firms from businesses, including Stalaris Venture Partners, Sanjay Nair’s Sorin Investments, Firecuce Ventures, Chirate Ventes, Trifacta Capital and Alteria Capital. -Ians abs/ecd