Government Eyes Deep Tech Innovation with New Startup Policy in Upcoming Budget

By Sunil Sonkar
2 Min Read
Government Eyes Deep Tech Innovation with New Startup Policy in Upcoming Budget

The Indian government is learned could introduce a dedicated policy for deep tech startups in the upcoming Budget for 2024-25. The initiative may promote innovation in the segment and provide the required support in their growth. Deep technology or deep tech basically involves scientific and technological advancements.

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It is true that deep tech startups require extensive research and development (R&D). The new policy is believed to create a supportive environment for the startups and simultaneously encourage them to thrive. The features that could be witnessed in the policy include funding, infrastructure, standards and certification, and capacity building. A draft of the National Deep Tech Startup Policy (NDTSP) was released last year for public feedback. It highlighted the importance of addressing challenges faced by such startups.

The Prime Minister’s Science, Technology, and Innovation Advisory Council (PM-STIAC) recommended the formation of a national consortium and also a working group along with it to develop a comprehensive policy for deep tech startups. The policy is in its final stages now and may be placed in the full Budget announcement. The key components of the policy are mainly designed to strengthen the environment for scientific breakthroughs and technological advancements. One of the important feature of the policy is learned to be protecting the innovations of the startups through patents and other IPRs.

The ministry may also propose a “Made in India” label scheme in the upcoming Budget and this is aimed to further encourage domestic manufacturing. All these will be implemented after the formation of the new government immediately after the announcement of the Lok Sabha elections results on June 4. The new policy is said to be a game-changer and providing the much-needed support to transform deep tech ideas into reality.

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