Union Commerce and Industry Minister Piyush Goyal has announced the launch of a second tranche of ₹10,000 crore under the government’s ‘Fund of Funds’ initiative, aimed at propelling India’s deep tech ecosystem. Speaking at the sixth edition of IIT Madras’ Sangam 2025 summit in Bengaluru, Mr. Goyal emphasised that this funding will support the entire technology lifecycle—from early research to commercial deployment.
The fund’s guidelines are in the final stages of development, and will offer flexible capital through equity, grants, and low-interest support. This move follows the Cabinet’s recent approval of a $12 billion (₹1 lakh crore) zero-interest, 50-year loan to the Department of Science and Technology to catalyse long-term innovation.
Sangam 2025 gathers global tech leaders
The two-day summit hosted over 500 attendees, including alumni, investors, entrepreneurs, and faculty. Sangam 2025 featured a pitch fest where 20 AI and deep tech startups presented to more than 250 investors. Select ventures are also set to receive institutional support from IIT Madras’ robust innovation ecosystem, which has incubated over 500 companies in the past decade.
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High-profile speakers included Microsoft’s Chief Product Officer Aparna Chennapragada, OpenAI VP of Engineering Srinivas Narayanan, and Ather Energy Co-founder Tarun Mehta. The event highlighted India’s ambition to lead in emerging areas such as AI, machine learning, computing, and data analytics.
India’s innovation push tied to economic goals
Mr. Goyal stressed that India’s focus on homegrown innovation offers not only strategic but cost advantages—citing that domestic R&D costs are a fraction of those in developed countries. He projected that India, currently the fifth-largest global economy, will become the third-largest by 2027.
The deep tech fund is expected to play a crucial role in this growth trajectory by supporting sectors like semiconductors, advanced computing, space tech, and sustainable energy. Sangam 2025, in showcasing the collaboration between academia, industry, and government, reaffirmed India’s vision for a future-ready, innovation-driven economy.
