The journey of tech behemoths like Google, Apple and Facebook- from startups to global giants has caught the fancy of the Indian government
Indian Government is planning a Rs 10,000-crore electronics development fund to support ambitious startups in attaining scale.
The government feels that India needs to incubate tech giants from its soil like those emanating from the West as the country has a fast-growing mass of internet users and possesses a rich list of highly-skilled techies.
This is a different fund from the Rs 10,000-crore venture fund announced in the Budget for startups in micro, small and medium enterprise (MSMEs).
The government will not make the investments directly, but will rather route the money through venture capital funds that are focused on electronics hardware and IT startups.
We will take small subscription in them. Thus, we will invest in the capital of the fellows who do the investments the source said.