New Delhi, April 5 (IANS) Commerce and Industry Minister Piyush Goyal announced on Saturday that the government will provide a substantial outlay for deeptech startups from the Rs 10,000 crore Fund of Funds scheme. Addressing the Startup Mahakumbh 2025 here, the minister said he has directed the SIDBI to prioritise smaller startups while disbursing funds through the scheme. "I want SIDBI to have one centre in every state to help startup founders and entrepreneurs explore new ideas," he said.

Goyal expressed confidence in the country’s potential in deep technology, artificial intelligence, and data analytics. "This is the foundation on which I am confident India will foray in a big way into the world of innovation. We will make our presence felt on the global stage," he remarked. The minister also urged Indian investors to recognise the huge potential of the country’s startup ecosystem as the young people were doing excellent work which could be accelerated with greater domestic investment.

He assured young entrepreneurs that the government would play the role of a facilitator and not a regulator to promote the startup ecosystem. He urged them to provide feedback on ways to facilitate the ease of doing business. Taking a dig at the opposition parties, Goyal said: "Some political parties call themselves by the same name as the country – India – but they are pained when programmes like Startup Mahakumbh are successful."

Minister Goyal had earlier sparked a debate with a comparison on Friday between Chinese and Indian startups to underscore the need for greater focus on high-end technology. However, he had also emphasised that he was confident India would emerge as a global leader in innovation and technology-driven growth. “This is the base - the foundation - on which I am confident, India will foray in a very big way into the world of innovation. We will make our presence felt on the global stage. I go back extremely satisfied with the work done with our young startups. Young India is raring to go. And they are ready to capture the world," Goyal had said.

/IANS