As India is preparing for the formation of a new government, the commerce and industry ministry is expected to propose a dedicated policy for deep tech startups. This initiative aims to foster innovation and will likely be included in the forthcoming Budget announcement by the new government, according to a statement made by an official to PTI.
With the Lok Sabha election results set to be declared on June 4, the new government may announce the full Budget for the fiscal year 2024-25 in July.
According to the official, the startups will have to convert their innovative ideas into intellectual property rights (IPR) through extensive research and development (R&D). The proposed policy, currently in its final stages, seeks to create a supportive environment for deep tech startups to thrive and innovate.
National Deep Tech Startup Policy (NDTSP)
A draft of the National Deep Tech Startup Policy (NDTSP) was released for stakeholders’ feedback in July last year. This draft policy aims to tackle the unique challenges faced by deep tech startups by implementing specific policy measures to cultivate a favorable ecosystem. The policy envisions leveraging technological advancements across various sectors to drive economic growth and pave the way for new industries.
Deep technology involves breakthroughs based on advanced scientific and technological discoveries. These innovations hold the potential to address some of India’s most critical societal issues due to their disruptive nature.
According to the draft, a major focus is on bolstering the research and innovation ecosystem to achieve scientific and technological breakthroughs. This effort is expected to boost India’s knowledge-driven economy. Key components for promoting R&D and innovation include creating intellectual property rights, funding, infrastructure, standards and certifications, and building capacity.
In addition to the deep tech startup policy, the ministry is also expected to propose a Made in India Label Scheme in the upcoming Budget to further enhance domestic manufacturing and support the country’s economic growth.