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MUMBAI: Govt is in the process of creating a dedicated deep tech startup policy and discussions on the policy paper have reached the final stages, said Rajesh Kumar Singh, secretary at the Department for Promotion of Industry and Internal Trade (DPIIT).
“It is not enough for startups to just do innovation, what really matters is their ability to commercialise and develop intellectual property rights.Deep-tech is the answer to that, extensive R&D is the answer… the deep tech startup policy is in the final stages of inter-ministerial discussions and we hope to bring it forward soon,” Singh said at the Startup Mahakumbh event on Monday.
In terms of policy support for startups, the other focus area for govt will be to encourage its departments with large procurement budgets to work with startups.
“In terms of procurement, govt has tried to incentivise our departments to increasingly procure from within the country. We also want to take it one step forward and ensure that procurement for govt really starts benefiting the startup community as well,” Singh said, adding that initiatives like iDEX (Innovations for Defence Excellence) supported by the defence ministry could be looked at and adopted by other departments as well… it’s time to look at what defence has done through the iDEX programme… that kind of an assured order on the basis of proof of concept leading to commercialisation of the ideas. That’s the kind of thing we perhaps need to extend to all departments with large procurement budgets… more than funding, startups need orders from govt to give them that start they deserve,” Singh said.
Govt may also look at creating a dedicated fund for deep tech startups. “… a fund of funds again since govt wants to do it in an arm’s length manner… which is why we created the concept of AIFs and fund of funds,” Singh said.
“It is not enough for startups to just do innovation, what really matters is their ability to commercialise and develop intellectual property rights.Deep-tech is the answer to that, extensive R&D is the answer… the deep tech startup policy is in the final stages of inter-ministerial discussions and we hope to bring it forward soon,” Singh said at the Startup Mahakumbh event on Monday.
In terms of policy support for startups, the other focus area for govt will be to encourage its departments with large procurement budgets to work with startups.
“In terms of procurement, govt has tried to incentivise our departments to increasingly procure from within the country. We also want to take it one step forward and ensure that procurement for govt really starts benefiting the startup community as well,” Singh said, adding that initiatives like iDEX (Innovations for Defence Excellence) supported by the defence ministry could be looked at and adopted by other departments as well… it’s time to look at what defence has done through the iDEX programme… that kind of an assured order on the basis of proof of concept leading to commercialisation of the ideas. That’s the kind of thing we perhaps need to extend to all departments with large procurement budgets… more than funding, startups need orders from govt to give them that start they deserve,” Singh said.
Govt may also look at creating a dedicated fund for deep tech startups. “… a fund of funds again since govt wants to do it in an arm’s length manner… which is why we created the concept of AIFs and fund of funds,” Singh said.
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Indian startups secured $9.6 billion in 2023, down 63% from 2022. Generative AI funding surged to $250 million, with B2C commerce and software sectors expected to rebound.”}
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