New Delhi, Mar 19 (PTI) – The Indian government has allocated over Rs 2,000 crore to support and fund startups in the artificial intelligence (AI) sector, with plans set to roll out in the next fiscal year starting April 1. Speaking at the Startup Mahakumbh event, Jitendra Vijay, CEO of Meity Startup Hub, revealed that the government is launching a significant funding program to boost the AI ecosystem. This initiative is part of a larger effort to promote AI development in the country.
The India AI Mission, approved by the Cabinet in early March, will receive a total outlay of Rs 10,372 crore over five years, aiming to encourage the growth of AI technologies. Specifically, more than Rs 2,000 crore has been earmarked for supporting AI-related startups. Vijay emphasized the importance of establishing mechanisms for implementing these programs efficiently and indicated that the mission should be operational within the upcoming fiscal year.
Additionally, under the India AI Mission, stakeholders will have access to supercomputing capacity equipped with over 10,000 GPUs to facilitate the creation of a robust AI ecosystem. Meity Startup Hub is currently backing 143 incubators and centers of excellence (CoE) across India, providing funding for startups at various stages of development. Vijay highlighted the hub’s commitment to supporting startups nationwide and collaborating with the investment community to unlock domestic capital for Indian startups.
While addressing the challenges faced by startups during funding shortages, Vijay emphasized that the government’s role is to complement private investment rather than replace it. He emphasized the importance of funding startups in smaller towns in India and working closely with investors to promote local capital investment in Indian startups. By encouraging domestic investment, the government aims to foster the growth of the startup ecosystem and reduce reliance on foreign funding sources.
In conclusion, the government’s substantial financial commitment to supporting AI startups reflects a strategic effort to enhance technological innovation and propel India’s AI capabilities. Through initiatives like the India AI Mission and collaborations with the investment community, the government is striving to create a conducive environment for startup growth and development.
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