Under India AI Mission, GOI approves ₹10,372 Cr. Fund for Deep Tech Start-ups

Government of India greenlights Rs 10,372 Crore for India AI mission, sparking Deep Tech revolution. With a focus on democratizing computing, elevating data quality, nurturing local AI talent, ensuring ethical practices, the mission aims to reshape AI landscape, foster innovation through strategic programs, and partnerships as emphasized by commerce minister Piyush Goyal.

Key Highlights:

• Cabinet approves Rs 10,372 crores for India AI Mission, bolstering AI innovation comprehensively.
• Efforts to attract and retain top AI talent to drive innovation and growth.
• Emphasis on fostering collaboration between public and private sectors for AI advancement.
• Mission poised to position India at the forefront of AI innovation globally.

Government’s Vision for AI in India

In line with the vision of “Making AI in India” and “Making AI Work for India,” the Cabinet, under the leadership of Prime Minister Shri Narendra Modi, has approved the IndiaAI mission. With a budget outlay of Rs 10,371.92 Crore, this comprehensive national-level initiative aims to catalyze AI innovation across sectors, particularly in the deep tech sector, driving responsible and inclusive growth in India’s AI ecosystem.

Challenges Addressed: Funding and Support for Deep Tech Ventures 

Deep tech start-ups have long grappled with challenges related to funding and support. The complex nature of their projects and extended development cycles often hinder their progress. However, with the allocation of dedicated funds, these start-ups are set to receive much-needed financial assistance to fuel their growth and innovation.

Commerce Minister’s Assurance: Democratizing AI Access for Broader Stakeholder Benefit 

Commerce Minister Goyal assures the formulation of scheme guidelines, promising equal opportunities through transparent selection processes. He calls upon research institutes and start-ups to contribute, aiming to democratize AI’s reach and maximize stakeholder benefits.

Venture Capital Ecosystem: A Paradigm Shift 

The allocation of funds for deep tech start-ups signals a paradigm shift in the venture capital ecosystem. Amiya Kumar Samantaray, CEO of Datoms, believes that this move will attract more investors to explore opportunities in the AI sector, thereby driving further growth and innovation.

Promoting CSR Initiatives: Deep Tech R&D Gets a Boost

The India AI Mission also aims to promote Corporate Social Responsibility (CSR) initiatives, particularly in boosting deep tech R&D. Through technology, business incubators, and government-supported platforms, start-ups will have access to resources and support to scale their operations.

Fostering Collaboration: Government-Start-up Partnerships

By focusing on accelerating research and development in deep tech companies, the India AI Mission seeks to foster innovation and create new business models. The mission’s emphasis on public-private partnerships underscores the importance of collaboration in driving technological advancements.

To conclude, the IndiaAI Mission strengthens innovation, secures tech sovereignty, and fosters skilled employment. With a multifaceted approach and significant budget, it unleashes AI’s potential, positioning India as a global leader in AI innovation.