A dedicated policy for deep tech start-ups is in the final stages of inter-ministerial discussion and will be rolled out soon, a senior government official said on Monday.
DPIIT Secretary Rajesh Kumar Singh said that start-ups need to convert their innovation into intellectual property rights for the benefit of the nation and themselves.
A dedicated policy for deep tech start-ups is in the final stages of inter-ministerial discussion and will be rolled out soon, a senior government official said on Monday.
Speaking at the StartUp Mahakumbh, Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said start-ups need to convert their innovation into intellectual property rights for the benefit of the nation and themselves.
"Extensive R&D is the answer for that and Government of India is in process of creating a separate dedicated deep tech start-up policy. The policy paper is now in the final stages of inter-ministerial discussion. We hope to bring it forward soon. We will move towards creating funds of funds. Hopefully you will see separate window for deeptech start-innovups," Singh said.
The Prime Minister's Science, Technology, and Innovation Advisory Council (PM-STIAC), in its 21st meeting on July 7, 2022 had recommended the creation of a national consortium and a working group to propose a comprehensive policy framework to address the needs and strengthen the Indian deeptech startup ecosystem.
Singh said that the provision of Rs 1 lakh crore for research and development (R&D) in the interim Budget is a path breaking exercise.
"We hope that DPIIT can play a role in intermediating between the business and the start-up community to ensure that fund is leveraged to increase R&D expenditure, funding of start-ups, funding of commercialisation of prototyoes , that kind of activity, that can further the innovation ecosystem," Singh said.
He said that more than funding, start-ups need order from the government, and Government e-Marketplace (GeM) is providing an opportunity to the segment.
He also called for implementing the defence ministry 's iDex (Innovations for Defence Excellence) model across government departments.
"I think they (GeM) have reached about Rs 22,000 crore of procurements from start-ups so far but I don't know how many of them are innovative that can benefit the country in the long run in bringing about innovation-led economy ," Singh said.
IDex is an operational framework of Defence Innovation Organization (DIO), a special purpose vehicle under the aegis of Department of Defence Production, Ministry of Defence, to procure goods and services from innovative start-ups.