Divya Delhi:   An official from the ministry of commerce and industry said startups will receive most of its second Rs 10,000 crore Fund of Funds Scheme (FFS) to power new-age technology, artificial intelligence, and machine building. “We will dedicate a lot of this Rs 10,000 crore fund of funds largely for new age tech, AI, and machine building,” said the official. In Budget, the central government approved a Rs 10,000 crore FFS. In 2016, a similar program was created. SIDBI's 2016 plan funded SEBI-registered Alternative Investment Funds (AIFs) to invest in startups to increase venture capital investments. According to the article, SIDBI would manage the second plan. The Indian government launched Startup India on January 16, 2016. This was the government's attempt to create a robust innovation and startup ecosystem. The department recognizes entities as ‘startups’ under Startup India based on government qualifying requirements. More than 1.50 lakh startups exist in 55 industries.