The second phase focuses on deep-tech startups, which will need more time and funds to “get their business going and achieve profitability”.
Monday, Jan 08, 2024: The government is poised to kick off the next phase of the Startup India initiative on January 16, with a special emphasis on deep technology startups.
The Startup India initiative was launched eight years ago with the aim of supporting entrepreneurs and fostering a thriving startup ecosystem across the country. This was achieved by involving government, private sector, and public stakeholders, thus creating an enabling environment. Additionally, the government offered income and capital gains tax exemptions, support to ensure compliance with rules and regulations, and accelerated processes for patent applications and grants.
Officials reported that these startups will work in areas including semiconductor chips and related research and design areas, quantum and high-performance computing, artificial intelligence, and cybersecurity.
The first phase of Startup India was “about consumer internet and consumption or service-based startups. In the next wave, in India and globally, startup innovation and value will come from deep tech. They will be fewer but much more valuable.”
With the initiative’s second phase focusing more on deep-tech startups, which will need more time and funds to “get their business going and achieve profitability, the policy support required will be greater than what has been given till now, said another official.
“We have learned from the finer changes that had to be made to date in the initial Startup India plan. The second phase could see more support for startups in terms of stable policy and taxation, better valuation norms, or research and collaboration initiatives with industry and academia,” quoted from an official who did not want to be mentioned.
The Indian government has been making efforts to encourage and support startups in the country. The Startup India initiative has been successful in creating a favourable environment for young entrepreneurs to launch their ventures. The focus on deep-tech startups in the second phase will provide an opportunity for the country to make a mark in the global deep-tech innovation space. This move is expected to attract more investments and create jobs in the country. In conclusion, the second phase of the Startup India program is a much-needed initiative that aims to support the growth of deep-tech startups in India. With the government’s support, these startups will be able to flourish and contribute to the country’s overall economic growth. The launch of the second phase is a positive step towards India’s goal of becoming a hub of innovation and technology.
Source – The Economic Times, Forbes
