According to Jitendra Vijay, chief executive officer (CEO), MeitY Startup Hub (MSH), the government has earmarked over Rs 20 billion for funding and supporting artificial intelligence (Al)-related startups under the India AI Mission. The scheme will be rolled in the next fiscal year, beginning April 1, 2024.
While speaking on the sidelines of Startup Mahakumbh 2024, he noted that the government is providing a larger funding programme for the priority sector through various plans like a design-linked incentive (DLI) scheme for semiconductor design, among others.
According to Vijay, MSH is currently supporting and funding 143 incubators and centres of excellence (CoE) across India as well as providing funding to all startups from the idea level to the growth stage through funds of funds.
The Union Cabinet approved the India Al Mission in the first week of March, 2024 with an outlay of Rs 103.72 billion for five years to encourage AI development in the country. Under the mission, supercomputing capacity, comprising over 10,000 graphics processing units (GPUs) will be made available to various stakeholders for creating an Al ecosystem.
