India's Startup Support: New Helpline Desk and Massive Fund Boost

Commerce and Industry Minister Piyush Goyal announced a new Startup India desk to support entrepreneurs with a toll-free helpline. A new Rs 10,000 crore Fund of Funds for Startups aims to facilitate early-stage financial support in AI, robotics, and cutting-edge technologies.

Commerce and Industry Minister Piyush Goyal unveiled plans to establish a dedicated Startup India desk within the ministry, offering guidance and support to emerging entrepreneurs. This initiative includes a toll-free number accessible in regional languages, enhancing response efficiency.

Furthermore, a Rs 10,000 crore Fund of Funds for Startups (FFS) has been sanctioned, with a Rs 2,000 crore initial allocation to the Small Industries Development Bank of India (SIDBI) earmarked for seed funding of early-stage startups. The fund focuses on sectors like AI, robotics, and biotech.

The objective is to bridge financial gaps for startups, fostering cutting-edge technologies essential for national progress. The government aspires to position India as a leader in global innovation, urging SIDBI to set up support centers nationwide.

(With inputs from agencies.)