Deep tech policy nearing completion, according to DPIIT secretary

<p>According to Rajesh Kumar Singh, secretary of the department for promotion of industry and internal trade (DPIIT), the government is nearing completion on a policy intended to support deep-tech businesses. Singh made this announcement on Monday. In his debut speech at Startup Mahakumbh, he said that the policy might be announced shortly and that interministerial talks are already underway.</p>
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<p>Innovation alone is insufficient for startups; what counts is the capacity for commercialization and the development of intellectual property rights. Extensive R&D and deep tech are the solution to it. Additionally, he said, “the government is currently developing a distinct deep-tech startup policy for the same reason.”</p>
<p>Following the publication of the national deep tech strategy, the government will endeavor to establish a fund specifically allocated for this industry.</p>
<p>In her interim budget statement earlier this year, Finance Minister Nirmala Sitharaman pledged to introduce a new program to bolster deep-tech skills in the defense industry. A ~1 trillion corpus was also declared by her to help the startup environment.</p>
<p>Singh said, “I think that in order to give startups the start they deserve, the government has to give them orders more than money.” In addition to the about $1 trillion corpus established in the interim budget, DPIIT has introduced the “Bharat Startup Ecosystem Registry,” which will compile information from all relevant parties to determine the state of the ecosystem.</p>
<p>Regarding the expanding startup scene, he pointed out that 670 of the nation’s more than 700 districts already have firms. Cities in tiers two and three account for more than half of these companies. According to him, the fact that over 45% of them have at least one female director on the board demonstrates how vast, inclusive, and ubiquitous the startup ecosystem has become.</p>