The policy is in its final stages and the ministry may forward the proposal until the announcement of the full budget, the official said.
The draft National Deep Tech Start-up Policy (NDTSP) was released in July last year for comments from stakeholders.
It aims to address the challenges facing deep tech startups through definitive policy interventions aimed at creating an enabling ecosystem.
It also aims to harness the transformative potential of technological advances across sectors, serving as a catalyst to drive economy-wide impacts and laying the foundations for the creation of modern industries.
Deep technology refers to innovations based on advanced scientific and technological breakthroughs. Due to their disruptive nature, they have the potential to solve India’s most pressing social problems. According to the project, the priority is to strengthen the research and innovation ecosystem leading to scientific breakthroughs and technological progress, strengthening India’s knowledge-based economy.
The main elements required to promote research, development and innovation include the creation of intellectual property rights, financing, infrastructure, standards and certification and capacity building.
In March, during the Startup Mahakumbh program, Department of Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh stated, “The Government of India is in the process of framing a separate policy for deep tech startups. The strategic document reads: it is currently at the final stage of inter-ministerial discussions. We hope to present it soon.”
“We will move towards creating funds of funds. We hope you will see a separate window for deep tech startups,” Singh said.
The Prime Minister’s Advisory Council on Science, Technology and Innovation (PM-STIAC) at its 21st meeting on July 7, 2022, recommended the formation of a national consortium and working group to propose a comprehensive policy framework to address the needs and strengthen Indian deep tech startup ecosystem.
The ministry is also expected to propose a budgetary ‘Made in India’ labeling scheme to further boost domestic manufacturing.
