New Delhi, June 17, 2024 – The Ministry of Commerce and Industry is finalizing plans to unveil the DeepTech Startup Policy aimed at providing substantial and sustained funding support to companies operating in the deep technology sector. According to sources reported by ET, the policy will be introduced within a comprehensive framework that will outline guidelines for both state and startup engagements in this rapidly growing sector.
The policy’s cornerstone is the identification of nine priority areas crucial for nurturing a robust deep tech startup ecosystem. These include increasing investments in research and development to foster innovation, facilitating targeted long-term funding, and enhancing the intellectual property framework in the country. Additionally, initiatives to promote shared infrastructure, develop conducive regulations, attract skilled talent, and promote adoption of deep tech solutions are also part of the policy’s focus.
The draft National Deep Tech Startup Policy (NDTSP), released for public consultation in July, proposes significant provisions such as a minimum grant of INR 2 Cr for proof-of-concept stages and INR 3 Cr for prototype stages.
Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), has previously indicated that the policy is in its final stages of formulation. The upcoming Budget session in July is expected to feature announcements regarding the deep tech startup policy, underscoring the government’s proactive approach to bolstering sectors like artificial intelligence (AI), semiconductor manufacturing, and spacetech.
Finance Minister Nirmala Sitharaman had earlier announced plans to introduce schemes aimed at fortifying the deep tech sector, including a corpus of INR 1 Lakh Cr for interest-free loans over 50 years for research and development in sunrise sectors.
Recent reports highlight a growing investor interest in deep tech startups, with funding reaching $496 Mn last year compared to $397 Mn in 2022, according to Inc42’s Indian Tech Startup Funding Report 2023. Since 2014, homegrown deep tech startups have raised over $1.5 Bn across more than 343 deals, illustrating the sector’s promising growth trajectory and investor confidence.
The impending launch of the DeepTech Startup Policy underscores the government’s commitment to fostering innovation and positioning India as a global leader in cutting-edge technology development.
For media inquiries and further details, please contact the Ministry of Commerce and Industry or visit their official website for updates.
