Commerce and Industry Minister Piyush Goyal on Saturday announced the setting up of a dedicated Startup India desk within the ministry to serve as a helpline for budding entrepreneurs across India, accessible through a simple four-digit toll-free number in regional languages.<\/p>\n
He also said the second Fund of Funds for Startups (FFS) with a corpus of Rs 10,000 crore, has been approved and this year, and Rs 2,000 crore will be disbursed to SIDBI as the first installment.<\/p>\n
A significant portion of the fund will be reserved for seed funding of small startups and to support deep-tech innovation startups, he said.<\/p>\n
Through this fund, “we aim to foster the development of cutting-edge technologies like AI, robotics, quantum computing, machine learning, precision manufacturing and biotech,” he said, adding that through the desk, a startup can suggest steps to further improve the ecosystem and flag problems, if they are facing any.<\/p>\n
The objective of the fund is to provide early-stage financial support to budding entrepreneurs who often face challenges in accessing traditional forms of capital.<\/p>\n
The fund will especially focus on startups operating in cutting-edge domains such as artificial intelligence, machine learning, quantum computing, robotics, precision manufacturing, biotech, and semiconductor design, where long gestation periods and high capital requirements often pose hurdles.<\/p>\n
By mobilising patient capital, the government aims to build a strong pipeline of indigenous technology solutions that can address national priorities and position India as a global innovation leader, Goyal said.<\/p>\n
Goyal further urged SIDBI to establish at least one support centre in every state to provide basic infrastructure and shared facilities for early-stage entrepreneurs.\u00a0<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n
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