The Andhra Pradesh government and Pan IIT Alumni India have jointly decided to establish a permanent council in Amaravati. Under the aegis of this council, a Rs 500 crore venture fund will be set up, which will serve as a nodal institution for DeepTech development.
According to an Andhrajyothy report, this declaration emerged from the Pan IIT Amaravati Summit, led by Chief Minister Chandrababu Naidu. Representatives from the AP government and Pan IIT Alumni participated in this summit.
An agreement was reached between the AP government and Pan IIT Alumni India for the establishment of this venture fund. This will lead to the formation of a permanent council in Amaravati.
Andhrajyothy stated that the Pan IIT Amaravati Council will function as a nodal institution for DeepTech development. It will play a crucial role in fostering technological innovation.
This initiative will provide significant impetus to DeepTech startups in the Andhra Pradesh and Telangana regions. It is expected to create new employment opportunities and contribute to economic growth.