India allocates additional ₹10,000 crore to support deep tech sector

India has announced an additional allocation of ₹10,000 crore to bolster its deep tech sector, a move aimed at fostering innovation and technological advancement. This funding is part of the government's ongoing Fund of Funds scheme, designed to provide financial support to startups and emerging companies in cutting-edge technology fields. The initiative underscores India's commitment to becoming a global hub for technological innovation and entrepreneurship. The additional funds are expected to catalyze growth in sectors such as artificial intelligence, robotics, quantum computing, and other frontier technologies. By providing a substantial financial boost, the government aims to empower startups to scale their operations, enhance research and development, and attract top-tier talent. This strategic investment is anticipated to create a robust ecosystem that encourages collaboration between academia, industry, and policymakers. Experts believe that this increased funding could significantly enhance India's competitive edge in the global tech landscape. By nurturing homegrown talent and supporting groundbreaking projects, the initiative is poised to drive economic growth and position India as a leader in deep tech innovation. As the country continues to invest in its technological future, this development marks a critical step toward realizing its vision of a digitally empowered society.

— Authored by Next24 Live