Looking at creating a fund for agritech startups: Goyal

The government is looking at creating a fund for agritech startups, Commerce and Industry Minister Piyush Goyal said on Sunday. The government is looking at significant participation of startups in defence R&D as huge opportunities are there in drones, defence and technical textile sectors for entrepreneurs, the minister said at a webinar.

Technology and innovation will be the key driving force for India and its economy, he said. “We are looking at significant participation of startups in defence R&D. We are looking at creating a fund for agritech startups,” Goyal said. India has the third largest startup ecosystem in India with over 65,000 registered startups in just five years.

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“It is these startups that will fuel India’s Atmanirbhar drive,” he added. At another function, the minister stated that one can find many opportunities, like even in the current war crisis. “The present Ukraine-Russia crisis is a wakeup call for all of us, not to be dependent on crude oil and defence equipment,” Goyal has said.