MUMBAI, INDIA – A man seen walking past a signage of Artificial Intelligence (AI) at the Global Fintech Fest (GFF).
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India is preparing to deploy $25 billion to support Deep Tech start-ups in the country, as it tries to catch up with the U.S. and China in the global tech race to cut its reliance on frontier foreign technology.
In the last decade, India invested $11.6 billion in Deep Tech, Rajat Tandon, president of the Indian Venture and Alternative Capital Association, told CNBC.
But now, the government alone has committed to invest $11 billion under the Research Development Infrastructure Fund, which will be matched by venture capital and private equity fund managers, he said.
Three or four billion more will be added, making “$25 billion available to be spent on Deep-Tech investments,” Tandon said.
Deep Tech is a broad term used for start-ups in…
