Govt Nears Completion Of Deeptech Startup Policy: DPIIT Secretary

The Union government is nearing the completion of a specialised policy aimed at nurturing deeptech startups, announced Rajesh Kumar Singh, Secretary of the Ministry of Commerce and Industry, on 18 March.

This initiative emerges amidst heightened attention towards the deeptech startup ecosystem, notably with Finance Minister Nirmala Sitharaman unveiling a Rs 1 lakh crore corpus to support startups, alongside a new scheme for deeptech innovation in the defense sector.

Singh, who serves as Secretary in the Commerce Ministry's Department for Promotion of Industry and Internal Trade (DPIIT), disclosed, "The government of India is in the process of crafting a distinct, dedicated deeptech startup policy. The policy document is currently undergoing final stages of inter-ministerial deliberations and we anticipate its unveiling soon." He made these remarks during the inaugural session of the Startup Mahakumbh event in New Delhi.

Underlining the significance of startups not only in innovating but also in commercialising and developing intellectual property rights, Singh emphasised the pivotal role of deeptech and extensive research in achieving this goal.

Following the introduction of the national deeptech policy, the government plans to establish a dedicated fund of funds for the sector. "We are progressing towards establishing a dedicated fund of funds. Our intention is to refrain from selecting winners and losers in business, hence we conceived the concept of an AIF and fund of funds to ensure professional managers make such decisions. Consequently, we anticipate the establishment of a distinct platform for deeptech startups in the near future," Singh elaborated.

Reflecting on the broader startup ecosystem, Singh highlighted the presence of startups in 670 out of 700 plus districts across the country. He noted that over 50 per cent of these startups originate from tier two and tier three cities, showcasing the widespread inclusivity of the startup ecosystem. Additionally, almost 45% of these startups have at least one woman serving as a director on the board, underscoring the diverse and inclusive nature of the ecosystem.