Will Make India An Innovation Driven Super Power: Sreedhar Kosaraju

Visakhapatnam: DeepTech Naipunya Foundation Chairman Sreedhar Kosaraju said that they are thrilled about the proposed Rs 10,000 crore Fund of Funds (FoF) Scheme for further augmenting the startup ecosystem.

On the whole, the slew of announcements will usher in a new era of technological sovereignty. "East access to credit for startups along with other incentives will not only empower India to develop groundbreaking solutions for the world but also reinforce our commitment to becoming a self-reliant, innovation-driven superpower," he remarked.

He told Bizz Buzz that "the budget proposals will provide much-needed growth capital to early-stage startups, further solidifying India’s position as a global innovation hub. The fund, dedicated to startups, will drive innovation and job creation across the country."

Kosaraju, former president of IT Association of Andhra Pradesh, said the Government of India has recognized the importance of building a DeepTech ecosystem and announced plans to explore a deep tech fund of funds. "Given the capital-intensive and long-term nature of deep tech ventures, we hope this fund is structured as a Fund of Funds (FoF), enabling experienced deep tech fund managers to deploy capital effectively,” he stated.

Kosaraju said another exciting proposal is the Scheme for First-Time Women Entrepreneurs. Under this scheme, five lakh first-time women entrepreneurs will receive term loans of up to Rs 2 crore over the next five years. This initiative will empower women, encourage more female-led startups, and boost economic growth.

The announcement of 10,000 fellowships under the PM Research Fellowship Scheme is a welcome step to nurture research and innovation talent. The revision in MSME classification will help MSMEs and startups access more benefits and support, he said adding the proposal to establish 50,000 Atal Tinkering Labs is a brilliant move to foster an innovation mindset among children from a young age.

He said "this will play a crucial role in building a knowledge and innovation-driven economy. The extension of the time limit under Section 80-IAC for startups by another five years (till 2030) is a significant relief, providing startups with more time to avail of tax benefits. The increase in loan limits for startups in 27 key sectors critical to the Atmanirbhar Bharat initiative—from Rs 10 crore to Rs 20 crore—will provide greater financial support to startups driving self-reliance, he opined.