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The commerce and industry ministry may propose a dedicated policy for deep tech startups to promote innovation, for the forthcoming Budget to be announced by the new government, an official said.
Voting for the Lok Sabha polls is over and the counting is scheduled for June 4. The new government is likely to take oath this month. The new government may announce the full Budget for 2024-25 in July.
The official said that startups have to convert their innovation into intellectual property rights and for that extensive R&D is required.
The policy is in the final stages and the ministry may forward this proposal for the full Budget announcement, the official said.
In July last year, a draft National Deep Tech Startup Policy (NDTSP) was released for stakeholders' comments.
It is aimed at addressing the challenges confronting deep tech startups through definitive policy interventions to create a conducive ecosystem.
It also aims to harness the transformative potential of technological advancement across diverse sectors, serving as a catalyst to stimulate ripple effects throughout the economy and laying the groundwork for new industry creation.
Deep technology refers to innovations founded on advanced scientific and technological breakthroughs. Due to their disruptive nature, they have the potential to solve India's most pressing societal issues.
According to the draft, the priority is to strengthen the research and innovation ecosystem leading to scientific breakthroughs and technological advancements, boosting India's knowledge-driven economy.
The main elements which are required to promote R&D and innovation include the creation of intellectual property rights, funding, infrastructure, standards and certification, and capacity building.
In March at a Startup Mahakumbh programme, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh stated, "The Government of India is in the process of creating a separate dedicated deep tech startup policy. The policy paper is now in the final stages of inter-ministerial discussion. We hope to bring it forward soon.
We will move towards creating funds of funds. Hopefully, you will see a separate window for deep tech startups, Singh had said.
The Prime Minister's Science, Technology, and Innovation Advisory Council (PM-STIAC), in its 21st meeting on July 7, 2022, recommended the creation of a national consortium and a working group to propose a comprehensive policy framework to address the needs and strengthen the Indian deep tech startup ecosystem.
The ministry is also expected to propose a Made in India Label Scheme for the Budget to further boost domestic manufacturing.
