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.
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.
A significant portion of the fund will be reserved for seed funding of small startups and to support deep-tech innovation startups, he said.
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.
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.
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.
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.
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.
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