Piyush Goyal Announces Second Tranche of INR 10,000 Cr Deep Tech Fund
IIT Madras and its alumni association (IITMAA) held the sixth edition of their global innovation and alumni summit, ‘Sangam 2025’, in Bengaluru on 4 and 5 July. The event brought together over 500 participants, including faculty, alumni, entrepreneurs, investors and students. Union Commerce and Industry Minister Shri Piyush Goyal, addressing the summit, announced a second tranche of ₹10,000 crore under the government’s ‘Fund of Funds’, this time focused on supporting India’s deep tech ecosystem. “This money goes to promote innovation, absorption of newer technologies and development of contemporary fields,” he said. The Minister added that guidelines for the fund are currently being finalised, to direct capital to strengthen the entire technology lifecycle — from early-stage research through to commercial deployment, not just startups.. He also referred to the recent Cabinet decision approving $12 billion (₹1 lakh crore) for the Department of Science and Technology in the form of a zero-interest 50-year loan. “It gives us more flexibility to provide equity support, grant support, low-cost support and roll that support forward as technologies get fine-tuned,” he said. Goyal said the government’s push for indigenous innovation stems from cost advantages as well. “When we work on new technologies in India, our cost is nearly one-sixth, one-seventh of what it would cost in Switzerland or America,” he said. The Minister underlined the government’s focus on emerging technologies such as artificial intelligence, machine learning, and data analytics. “Today, our policies are structured around a future-ready India… an India that is at the forefront of Artificial Intelligence, Machine Learning, computing and data analytics,” he said. He also laid out a growth trajectory for the Indian economy. “From the 11th largest GDP in the world, we are today the fifth largest. By the end of Calendar year 2025, or maybe anytime during the year, we will be the fourth-largest GDP in the world. By 2027, we will be the third largest,” Goyal said. Sangam 2025 featured a pitch fest that saw 20 deep tech and AI startups present to over 250 investors and venture capitalists. Selected startups will also receive institutional support from the IIT Madras Innovation Ecosystem, which has incubated over 500 ventures in the last decade. Key speakers included Aparna Chennapragada (Chief Product Officer, Microsoft), Srinivas Narayanan (VP Engineering, OpenAI), and Tarun Mehta (Co-founder and CEO, Ather Energy), all IIT Madras alumni. The summit also hosted Kris Gopalakrishnan (Axilor Ventures, Infosys), Dr S. Somanath (former ISRO Chairman) and Bengaluru South MP Tejasvi Surya. Prof. V. Kamakoti, Director, IIT Madras, said, “IIT Madras is committed to playing a pivotal role in shaping ‘Viksit Bharat 2047’. At the forefront of its agenda are innovation and entrepreneurship, which are key drivers for National progress.” Ms. Shyamala Rajaram, President of IITMAA, said, “Sangam 2025 is a powerful confluence of IIT Madras and its global alumni — sparking bold conversations on innovation and entrepreneurship.” Prof. Ashwin Mahalingam, Dean (Alumni and Corporate Relations), IIT Madras, added, “None of this would be possible without the unwavering support of our alumni community. Sangam 2025 embodies the strength of that network.”
He also referred to the recent Cabinet decision approving $12 billion (₹1 lakh crore) for the Department of Science and Technology in the form of a zero-interest 50-year loan.
Union Commerce and Industry Minister Shri Piyush Goyal, addressing the summit, announced a second tranche of ₹10,000 crore under the government’s ‘Fund of Funds’, this time focused on supporting India’s deep tech ecosystem. “This money goes to promote innovation, absorption of newer technologies and development of contemporary fields,” he said. 
["deep tech"]
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["AI", "artificial intelligence", "machine learning", "analytics", "OpenAI", "Ray", "RAG", "R", "Go", "API"]
Siddharth is a media graduate who loves to explore tech through journalism and putting forward ideas worth pondering about in the era of artificial intelligence.