The National Deep Tech Start-up Policy (NDTSP) would soon go to the Cabinet for approval, as per a report by the Financial Express. The final draft of the policy is reportedly ready.
The draft was approved after this month's meeting with the Empowered Technology Group (ETG), led by the Indian government's principal scientific advisor.
The National Deep Tech Start-up Policy (NDTSP) would soon go to the Cabinet for approval, as per a report by the Financial Express. The final draft of the policy is reportedly ready.
The draft was approved after this month's meeting with the Empowered Technology Group (ETG), led by the Indian government's principal scientific advisor. The 12-member Technology Group aims to give “timely policy advice on the latest technologies; mapping of technology and technology products; commercialization of dual-use technologies developed in national laboratories and government R&D organisations, and others.”
Speaking to the Financial Express, a senior government official said, “The National Deep Tech Start-up Policy will be an umbrella scheme, and using its guidelines, ministries can frame schemes for the start-ups working on cutting-edge technology in sectors they administer.”
The official further added that while the policy won’t have a budget or a funding plan, it will comprise ideas to promote start-ups working on new technologies. Currently, India is home to more than 10,000 deep-tech start-ups. Ninety-eight percent of these start-ups are reportedly funded by international sources.
Similarly, a Nasscom report adds that there has been a reduction in start-up funding. The report added, “Compared to startups across some other leading deep tech ecosystems, Indian deep tech startups receive a fraction of the median investment at every stage. This lack of funding restricts the ability of some promising deep tech startups to scale, thus hindering India's ability to compete in the global deep tech race.”
The main aim of the National Deep Tech Startup Policy (NDTSP) is to nurture the requirements of deep tech start-ups in the country. The policy intends to boost India's GDP by increasing high-tech exports and competitiveness and improving living standards through deep technology. It also emphasizes diversity and inclusion to develop a skilled workforce for the deep tech sector. Broadly speaking, the policy will cover funding, intellectual property regimes, and taxation matters.