Deep Tech Startups Eye Dedicated Policy Boost in Upcoming Budget

The Indian government is considering a dedicated policy for deep tech startups in the upcoming budget, aiming to fuel innovation and economic growth. Here's a breakdown of the key points:

Policy Proposal for Deep Tech Startups:

• Government Initiative: The commerce and industry ministry is finalizing a proposal for a deep tech startup policy.
• Budget Consideration: The policy is likely to be presented in the full budget announcement expected in July 2024.
• Addressing Challenges: The policy aims to address challenges faced by deep tech startups and create a supportive ecosystem.

Deep Tech Explained:

• Advanced Innovation: Deep tech refers to innovations based on scientific and technological breakthroughs.
• Disruptive Potential: Deep tech has the potential to revolutionize various sectors and solve societal problems.
• Knowledge-Driven Economy: The policy focuses on strengthening India's research and innovation ecosystem.

Policy Objectives:

• R&D and Innovation: The policy aims to promote research and development activities leading to technological advancements.
• Intellectual Property Creation: Encouraging startups to convert their innovations into intellectual property.
• Funding and Infrastructure: The policy may propose measures to provide funding and infrastructure support for deep tech startups.
• Capacity Building: Skilling and educating the workforce for the deep tech industry is a potential focus.

Previous Initiatives and Future Outlook:

• Draft Policy and Discussions: A draft National Deep Tech Startup Policy (NDTSP) was released in July 2023 for stakeholder feedback.
• Government Commitment: The government has expressed commitment to creating a separate deep tech policy and dedicated funding windows.
• Industry Recommendations: The Prime Minister's Science Advisory Council has recommended a comprehensive policy framework for the deep tech ecosystem.

Overall, the proposed deep tech startup policy signifies the government's recognition of this sector's importance. It has the potential to unlock India's innovation potential and drive economic growth through disruptive technologies.