(MENAFN- KNN India) New Delhi, Jul 7 (KNN) Union Commerce and Industry Minister Piyush Goyal announced a second tranche of Rs 10,000 crore to promote innovation and strengthen India's deep tech ecosystem.

The announcement was made at the sixth edition of IIT Madras and IITM Alumni Association's Sangam 2025 event in Bengaluru.

Goyal stated that the government is formulating guidelines to ensure the funds are directed towards promoting innovation, facilitating the absorption of newer technologies, and supporting the development of contemporary technologies.

This latest allocation is part of the flagship Fund of Funds (FoF), which was first announced by Union Finance Minister Nirmala Sitharaman during the Union Budget for 2025-26.

The Fund of Funds scheme was originally launched in 2016 with an initial corpus of Rs 10,000 crore.

The minister emphasised that the aspirations and dreams of India's young population are driving research and development, technology advancement, and the start-up ecosystem.

Goyal highlighted India's economic progress, noting that the country has advanced from being the world's 11th largest economy in 2014 to the fifth-largest today, with expectations to become the third-largest by 2027.

The minister expressed confidence that new technologies will define India's growth trajectory in the coming years.

He specifically acknowledged the potential role of the 60,000-strong IIT Madras alumni network in supporting the country's technological advancement and growth objectives.

(KNN Bureau)

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