SIDBI Chairman Declares Fund Of Funds Commitment Of Rs 9,500 Cr For Startups

According to SIDBI Chairman Sivasubramanian Ramann, “the Fund of Funds for Start-ups (FFS) has committed Rs 9,500 crore for the promotion of new ventures in the country.” He emphasized the significance of this investment by saying, “Over 100 AIFs have raised an additional Rs 56,000 crore as a result of the Rs 9,500 crore commitment.”

In line with the Start-up India Action Plan, the FFS seeks to assist in the expansion and advancement of businesses that prioritize innovation. Ramann went on to say, “The FFS facilitates funding needs for start-ups through participation in the capital of SEBI-registered Alternative Investment Funds.”

SIDBI Chairman Ramann continued, “The participation rate for women in states has been constantly dropping and to look for rapid growth, there is a need for women to be far more active players outside the home.” This speaks to the necessity to recognize and quantify women’s contributions to the economy.

The Government’s Aspiration for the AI Mission

The government’s commitment to supporting entrepreneurship and innovation was reaffirmed by S Krishnan, Secretary of the Ministry of Electronics and Information Technology (MeitY). He said, “The government’s target is that artificial intelligence graphics processing units (GPUs) under the government’s Rs 10,372 crore AI Mission will be available in the next 18-24 months.”

In line with the overarching goals of the India AI Mission, these programs seek to strengthen India’s position as a worldwide leader, promote technical independence, guarantee the moral and responsible application of AI, and democratize the advantages of AI for all societal classes.