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Artificial Intelligence will significantly boost Indian startups' global footprint and enhance the country's standing worldwide, with strong policy backing for deep-tech and AI ventures under the Fund of Funds 2.0, Sanjiv Singh, Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry told ANI today.
"AI is meant to assist humankind. I am confident that through AI, Indian startups will perform exceptionally well and enhance India's global standing," Singh said on the sidelines of 'Rewarding Our Creative Future in the Age of AI - Strengthening India through Innovation, Trust and Talent', an event at AI Impact Summit 2026, organised by the Confederation of Indian Industry (CII). "Artificial Intelligence is a necessity for the country. Globally, particularly in the analytical segment of AI, India is among the best. We must continue to make further efforts to strengthen our capabilities," he added. Singh said that Fund of Funds 2.0, approved by the Union Cabinet last week, has special provisions for deep-tech and AI-based startups. "Under Fund of Funds 2.0, we have kept specific provisions to support deep-tech and AI startups with funding," he said, without disclosing financial allocations. The Fund of Funds for Startups is implemented by the Small Industries Development Bank of India (SIDBI) and invests in SEBI-registered Alternative Investment Funds, which in turn deploy capital into eligible startups. Addressing concerns that AI could lead to job losses, Singh dismissed fears of large-scale displacement. "Any technology can be used to improve processes and outcomes. When tools like Excel and Word were introduced, there were similar concerns that they would be disruptive. AI is no different -- it is a tool to improve productivity and efficiency," he said. "AI is meant to help humankind. With the right approach, Indian startups will leverage it to create value and expand globally," he added. Singh said that AI Impact Summit is a "very positive initiative". Drawing parallels with Startup Mahakumbh organised under the Startup India initiative, he said large-scale stakeholder engagements help deepen collaboration. "Our experience has been that when thousands of stakeholders come together, interact and exchange ideas, the ecosystem becomes stronger. By participating in this summit, AI-based startups will be able to collaborate, understand global developments and improve their capabilities accordingly," he said. (ANI)
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