‘Deep tech’ policy to be sent to Cabinet for approval, says scientific adviser

Subject: S&T

Section: Awareness in IT

Context:

The Indian government is set to approve a new ‘deep tech’ policy after public comments on the draft released in July 2023, the final version of the policy is ready for Cabinet approval.

Basics of ‘Deep Tech’

‘Deep tech’ refers to startups that develop intellectual property based on new scientific breakthroughs, aiming for significant impact. Ex. AI, ML, Blockchain, Quantum Computing etc.

Facts:

As per Startup India, there are 10,298 startups in various sub-sectors of deep tech as of May 2023.
India ranks third globally in the startup ecosystem, with over 3000 deep tech businesses.
These firms are expanding into areas like agriculture, life sciences, chemistry, aerospace, and green energy.

Draft National Deep Tech Startup Policy (NDTSP) 2023

Policy Goals:
- The NDTSP aims to address challenges in funding, talent acquisition, and scaling R&D operations for deep tech startups.
- The policy is designed to promote innovation, economic growth, and societal development in the deep tech sector.
Key Pillars:
- The policy focuses on securing India’s economic future, progressing towards a knowledge-driven economy, bolstering national capability, and encouraging ethical innovation.
Public Consultation:
- The draft policy was open for public feedback until September 15, after consultations with stakeholders in the deep tech ecosystem.
Funding and Innovation:
- The policy proposes financial support through grants, loans, and venture capital, along with regulatory simplifications and academia-industry collaboration.
Talent Development:
- Emphasis on STEM education, training opportunities, and attracting international talent.
Infrastructure and Technology Access:
- Establishment of deep tech incubation centers, testing facilities, and shared infrastructure resources.
Public Procurement and Market Opportunities:
- Encouraging government agencies to adopt deep tech solutions and facilitating international market access.
Intellectual Property Protection:
- Establishing a uniform IP framework and implementing cybersecurity measures.