The government will give a substantial allocation towards deeptech through the Rs 10,000-crore Fund of Funds scheme, Union Commerce Minister Piyush Goyal announced while addressing the Startup Mahakumbh 2025. He said the Centre is committed to supporting startups as a facilitator, not as a regulator.
Goyal added that he has directed 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, while urging founders to share feedback and ideas to further improve the ease of doing business.
Highlighting India’s growing strength in innovation, 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 said.
The minister also urged Indian investors to back the domestic startup ecosystem more actively. “The time has come for Indian investors to recognise the huge potential of our startup ecosystem. Our young people are doing excellent work and their efforts can accelerate with greater domestic investment.”
In a sharp political comment, Goyal took a swipe at opposition parties, saying, “Some political parties call themselves by the same name as the country – India – but they are pained when programmes like Startup Mahakumbh are successful.”
His remarks come a day after he drew criticism for comparing Indian startups to their Chinese counterparts and calling out a lack of innovation among domestic firms, especially food delivery companies. He had said these platforms were “turning unemployed youth into cheap labour so the rich can get their meals without moving out of the house.”
Despite his critique, Goyal has previously praised India’s vibrant startup landscape. In June 2024, he posted on X: “Young and vibrant minds are fuelling India’s startup space with innovative digital solutions that enhance ease of living and generate employment opportunities for our large talent pool,” after meeting Zepto co-founder Aadit Palicha.