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The PHD Chamber of Commerce and Industry (PHDCCI) on Tuesday described the allocation of Rs 10,000 crore funds in the Union Budget for exploring and expanding deeptech in the country as a progressive and path-breaking step, which will open new avenues in the field of start-ups and innovation ecosystem, including Artificial Intelligence (AI). 

PHDCCI CEO and Secretary General Dr Ranjeet Mehta, talking to IANS, hailed the PM Narendra Modi government's Rs 10,000 crore Deep Tech Fund and said that it will prove to be a game-changer for India's innovation ecosystem.

"This fund will empower deep tech startups in AI, robotics, and manufacturing, helping India emerge as a global tech leader," he said.

Dr Mehta added that the initiative will accelerate sectors like healthtech and govtech, aligning strongly with the Digital India vision.

Highlighting India’s rise to the world’s third-largest startup ecosystem, he noted: "From just 400 startups in 2016, we now have over 1.5 lakh registered with DPIIT."

The PHDCCI Secretary General further emphasised the role of Atmanirbhar Bharat and international collaborations, like those with Tesla and SpaceX chief Elon Musk, in boosting India’s position in space tech and AI innovation.

"India’s young population, backed by visionary policies, is now driving global innovation," he remarked.

The Centre in Budget 2025-26 made a substantial allocation towards developing deeptech and AI-enabled platforms through the Rs 10,000-crore Fund of Funds scheme.

Union Commerce Minister Piyush Goyal, while addressing the Startup Mahakumbh recently said that the Centre is committed to supporting startups as a facilitator, not as a regulator.

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.