“We are formulating guidelines to ensure that this money is directed towards promoting innovation, facilitating the absorption of newer technologies, and supporting the development of contemporary technologies,” Goyal said at the sixth edition of IIT Madras and IITM Alumni Association’s Sangam 2025 event in Bengaluru.
The current fund, part of the flagship Fund of Funds (FoF), was first announced by union finance minister Nirmala Sitharaman during the Union Budget for 2025-26. The scheme was originally launched in 2016 with an initial corpus of Rs 10,000 crore.
“The aspirations and dreams of a young country with one of the youngest populations globally are driving R&D, technology, and our startup ecosystem,” he said.
India is the third-largest startup ecosystem in the world, after the US and China, according to the Economic Survey 2021-22. Goyal also noted that India has moved from being the world’s 11th largest economy in 2014 to the fifth-largest today and is expected to become the third-largest by 2027.
“New technologies will define India’s growth story in the coming years. I am confident that the 60,000-strong IIT Madras alumni network will play a key role in supporting the country’s technological advancement,” he added.
