Government to launch Digital India Fund in 2024: Union Minister Rajeev Chandrasekhar

The Government of India is planning to launch a Digital India Fund next year, which will constitute a domestic pool of capital that will step in and help with funds, said Rajeev Chandrashekar, Minister of State for Electronics and Information Technology of India.

The fund will be similar to the national infrastructure fund, said the minister, at TechSparks 2023. “The fund won't replace Softbank," he added.

A tech fund would also be launched for all those who create jobs, said the minister.

The minister said, with the slowdown of the Covid-19 pandemic, people have realised that the power of digital has become more prominent.

He also remarked about the role of women in the tech landscape. “In my perception, the tech ecosystem has witnessed significant participation of women,” said the minister.

Commenting on the funding winter, he said, “There is no such thing as a clear sky. If you have made a decision to be an entrepreneur, there are going to be rainy days, and there are going to be clouds. It’s certain that we are living in a very strange global economic battle.”

The Russia-Ukraine war caused serious impairment to economies such as the US, where prices of commodities such as petroleum hit their peak. This led to the disruption of production and trade, observed the minister.

Earlier in the session, the union minister referred to the made-in-India iPhone 15, which was launched simultaneously around the world on the same day. He also said India has made history with the passing of the Women’s Reservation Bill.