The Department for Promotion of Industry and Internal Trade along with the office of Prime Minister’s Principal Scientific Advisor will soon moot a National Deep Tech Start-up Policy and seek Cabinet approval for the same.
The policy, draft of which has already been put out in public domain for consultations, seeks to address the challenges faced by deep tech startups and provide definite policy interventions to enhance the ecosystem.
“National Deep Tech Startup Policy builds upon the existing national startup policy. The aim is to fine-tune the startup policy to cater to the unique needs of deep tech ventures. We are moving a Cabinet note to this effect in consonance with DPIIT,” Principal Scientific Advisor to PM Ajay Kumar Sood said at ‘Start-O-Vation’ Summit organised by the Indian Chamber of Commerce.
The policy aims to facilitate long-term funding to deep-tech start-ups, strengthen intellectual property regime and nurture research and innovation.
Deep Technology Start-ups are those businesses that develop new offerings based on engineering innovation or scientific advances.
They could be in areas of artificial intelligence, internet of things, quantum computing, big data, drones and robotics.\
Deep tech ventures require deeper insights into funding, long-term sustainability, and other critical aspects. Through these policy interventions, we hope to bolster the deep tech startup ecosystem. Currently, there are approximately 11,000 such startups in sectors like space and quantum technology, and even telecommunications, Sood said.