Govt to provide major part of Rs 10,000 cr startup fund to sectors like new age tech, AI

The commerce and industry ministry will allocate a major part of the second Rs 10,000 crore Fund of Funds Scheme (FFS) for startups to budding entrepreneurs in sectors such as new-age technology, artificial intelligence, and machine building, an official said.

In the Budget, the government announced a new FFS with a corpus of Rs 10,000 crore. In 2016 also, the government had launched a similar scheme.

“We are going to dedicate a lot of this Rs 10,000 crore fund of funds largely for the new age tech, AI, and machine building,” the official said.