PHD Chamber of Commerce and Industry (PHDCCI) welcomed the Rs 10,000 crore allocation made in the Union Budget to look into and build upon deeptech in India as a high-impact and revolutionary step. This amount will open new vistas in the innovation and start-up ecosystem, and especially in areas like Artificial Intelligence (AI).

Dr. Ranjeet Mehta, Secretary General and CEO of PHDCCI, in an interview with IANS, said that the Deep Tech Fund of the Prime Minister Narendra Modi government will be a key driver in transforming India's innovation ecosystem. "This fund will enable deep tech startups in areas such as AI, robotics, and manufacturing, making India a global technology leader," he added. Dr. Mehta further mentioned that the scheme will give an impetus to progress in healthtech and govtech, aligning very well with the Digital India vision.

He emphasized that India has become the third-largest startup ecosystem globally, highlighting the fact that registered startups have jumped from merely 400 in 2016 to more than 150,000 now, as identified by the DPIIT. In addition, the PHDCCI Secretary General underscored the significance of the Atmanirbhar Bharat mission and global collaborations, like those with Tesla and Elon Musk of SpaceX, in promoting India's prowess in space technology and AI innovation. "India's young population, aided by visionary policies, is now leading the world in innovation," he stated.

In the Budget 2025-26, the Centre put a big investment in building deeptech and AI-powered platforms through the Rs 10,000-crore Fund of Funds scheme. Union Commerce Minister Piyush Goyal at the recent Startup Mahakumbh reaffirmed the government's intent to foster startups as catalysts and not regulators. He was optimistic about India's increasingly growing strength in innovation, including deep technology, artificial intelligence, and data analytics. "This is the premise on which I am sure India will leave a big footprint in the world of innovation and be very present on the global map," he said.