Union Minister of Commerce and Industry Piyush Goyal announced the second tranche of the government’s Deep Tech Fund, committing ₹10,000 crore under the ‘Fund of Funds’ initiative to foster India’s deep tech ecosystem. The announcement was made during the sixth edition of ‘Sangam 2025’, the flagship global innovation and alumni summit organised by the Indian Institute of Technology Madras (IIT Madras) and its alumni association (IITMAA) in Bengaluru on July 4–5.
Addressing an audience of over 500 participants comprising alumni, faculty, entrepreneurs, investors, and students, Goyal highlighted the fund’s objective to support the entire technology value chain. “This money goes to promote innovation, absorption of newer technologies and development of contemporary fields,” he stated, adding that the guidelines for deployment are being finalised to ensure capital infusion across the entire innovation lifecycle — from research to commercial scale-up.
Goyal also referred to a landmark decision by the Union Cabinet, which recently approved a $12 billion (₹1 lakh crore) fund for the Department of Science and Technology in the form of a zero-interest loan with a 50-year tenure. He emphasised that this provision offers greater flexibility in delivering equity, grant-based, and low-cost financial support to promising technologies.
Underlining the strategic cost advantage of innovation in India, Goyal remarked, “When we work on new technologies in India, our cost is nearly one-sixth, one-seventh of what it would cost in Switzerland or America.” He reiterated the government’s commitment to developing sectors such as artificial intelligence, machine learning, and data analytics, framing them as cornerstones of a “future-ready India.”
Charting a vision for the country’s economic ascent, the Minister projected India’s rise in global rankings. “From the 11th largest GDP in the world, we are today the fifth largest. By the end of the Calendar Year 2025, or anytime during the year, we will be the fourth-largest GDP. By 2027, we will be the third largest,” he said.
Sangam 2025 showcased cutting-edge innovation, including a pitch fest where 20 deep tech and AI startups presented to over 250 investors and venture capitalists. These startups will also receive continued institutional support from the IIT Madras Innovation Ecosystem, which has nurtured over 500 ventures in the past decade.
Distinguished speakers at the summit included Aparna Chennapragada (Chief Product Officer, Microsoft), Srinivas Narayanan (VP Engineering, OpenAI), and Tarun Mehta (CEO, Ather Energy), all alumni of IIT Madras. Other notable guests were Kris Gopalakrishnan (Axilor Ventures), Dr. S. Somanath (former ISRO Chairman), and Bengaluru South MP Tejasvi Surya.
Prof. V. Kamakoti, Director of IIT Madras, said the institute is committed to building “Viksit Bharat 2047” through innovation and entrepreneurship. Ms. Shyamala Rajaram, President of IITMAA, described Sangam 2025 as “a powerful confluence of IIT Madras and its global alumni.” Prof. Ashwin Mahalingam, Dean of Alumni and Corporate Relations, credited the success of the summit to the alumni network’s continuous support.