RT team
The Commerce and Industry Ministry is set to propose a dedicated policy for deep tech startups in the upcoming budget, aimed at fostering innovation. This move follows the completion of the Lok Sabha polls, with the counting scheduled for June 4, and the anticipated swearing-in of the new government later this month. The full Budget for the fiscal year 2024-25 is expected to be announced in July.
Last year, a draft of the National Deep Tech Startup Policy (NDTSP) was circulated for feedback. This policy targets the unique challenges faced by deep tech startups by offering specific interventions to nurture a supportive ecosystem. Its goals are to leverage cutting-edge technology across various sectors, sparking widespread economic benefits and encouraging new industries.
Deep technology, based on sophisticated scientific and technological breakthroughs, holds significant promise for addressing critical societal challenges in India. The proposed policy emphasizes enhancing the research and innovation landscape, which is crucial for scientific and technological progress, thereby enriching India’s knowledge economy.
Key components of the proposed policy include fostering intellectual property creation, providing adequate funding, improving infrastructure, and ensuring rigorous standards and certifications. These efforts are complemented by capacity-building initiatives.
At a recent Startup Mahakumbh event, DPIIT Secretary Rajesh Kumar Singh highlighted the ongoing discussions to finalize this deep tech policy, indicating upcoming financial structures to support these ventures. Additionally, the Prime Minister’s Science, Technology, and Innovation Advisory Council (PM-STIAC) has advocated for a national consortium to strengthen India’s deep tech sector.
Furthermore, the ministry plans to introduce a Made in India Label Scheme in the budget to boost domestic manufacturing, signaling a robust government commitment to nurturing India’s technological and industrial growth.
