Finance Minister Nirmala Sitharaman announced a new Fund of Funds scheme (FFS) with an additional Rs 10,000 crore contribution, following the removal of the Angel tax in the last Budget. This new initiative aims to support startups, as the existing Alternative Investment Funds (AIFs) for startups have garnered over Rs 91,000 crore in commitments. However, Indian startups faced a significant 66% decline in funding value from January to November 2023, raising only $6.9 billion across 1,013 venture capital deals, compared to $20.2 billion in the same period in 2022.