Boosting Innovation: India's Push to Strengthen the DeepTech Ecosystem

Indian government officials and DeepTech startups, along with venture capitalists, discussed strategies to enhance the innovation ecosystem. Issues like extending recognition benefits for startups, improving grant accounting, and introducing tax incentives were highlighted. Participants aimed to reduce compliance burdens and foster an environment conducive to technological development.

On Thursday, a significant discussion unfolded as several deep tech and semiconductor startups gathered with venture capital firms to engage with Commerce and Industry Minister Piyush Goyal. The focus was on measures to bolster the innovation ecosystem, including tax incentives and expanded Startup India benefits, as per an official statement released Friday.

During the roundtable held in Bengaluru, Goyal reiterated the government's commitment to reinforcing India's DeepTech ecosystem by enhancing the ease of doing business, minimizing compliance burdens, and fostering innovation and entrepreneurship.

The dialogue, which involved over 35 startups and 30 leading venture capital firms, emphasized the need for extending Startup India recognition benefits for DeepTech ventures beyond a decade, clarifying grant accounting and FCRA rules, and introducing targeted tax incentives to draw private investments into innovation-driven growth.

(With inputs from agencies.)