Union Budget 2024: R&D, spacetech fund gives deeptech startups a boost

The govt is working on National Deep Tech Start-up Policy as part of its efforts to spur innovation in India's deeptech sector. The policy attempts to address the vital barriers facing the industry

The Union Budget 2024 has announced a slew of initiatives for India’s budding deeptech sector, including the establishment of a Rs 1 trillion research and development, and a Rs 1,000 crore venture capital fund for the space economy.

These initiatives are expected to provide the much-needed funding and early-stage support to deeptech startups in the country.

Deeptech, or deep technology, refers to the startups whose business model is based on high-tech innovation in engineering, or significant scientific advances, such as blockchain, artificial intelligence, quantum computing, etc.

Budget 2024 has announced the establishment of the Powering Innovation, Research