New Policy to Propel Deep Tech Startups on the Horizon

The commerce and industry ministry is set to propose a dedicated policy for deep tech startups in the upcoming Budget. This aims to promote innovation, strengthen intellectual property rights, and enhance R&D. The policy focuses on overcoming challenges, boosting the economy through technological advancements, and establishing a conducive ecosystem.

The commerce and industry ministry may soon unveil a dedicated policy for deep tech startups aimed at fostering innovation in the forthcoming Budget, an official disclosed.

With the new government expected to take office later this month and the full Budget for 2024-25 anticipated in July, the policy is in its final stages and could be forwarded for inclusion in the Budget announcement.

The initiative is designed to convert cutting-edge innovations into intellectual property rights through extensive R&D, thus addressing the challenges of deep tech startups and fortifying India's knowledge-driven economy. A draft National Deep Tech Startup Policy (NDTSP) was circulated for comments last year, highlighting the need for a fertile research and innovation ecosystem.

In addition to boosting research and innovation, the policy intends to harness various elements such as funding, infrastructure, standards, certification, and capacity building to create a conducive environment for deep tech startups.