National Deep Tech Policy in final Consultation Stage: DPIIT Secretary

By siliconindia  |  Tuesday, 19 March 2024, 08:43:04 AM IST

National Deep Tech Policy in final Consultation Stage: DPIIT Secretary
Rajesh Kumar Singh, the secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), stated that a national deep tech policy, aiming to offer a thorough framework for tackling the obstacles encountered by high-end technology startups, is nearing the conclusion of inter-ministerial consultation. “The Government of India is in the process of creating a separate dedicated deep tech startup policy”, Singh said at the inaugural event of ‘Startup Mahakumbh’.
He further added that the “policy paper is in the final stages of inter-ministerial discussion. We hope to bring it forward soon". According to a preliminary version of the national deep tech startup policy unveiled last year, the objective of the policy is to significantly impact India's GDP by increasing high-tech exports, improving economic competitiveness, and promoting self-sufficiency.
It also emphasizes the beneficial influence of deep tech on enhancing societal living standards, addressing crucial sectors such as food security, healthcare, water management, energy, and transportation, and confronting challenges related to climate change, sustainability, and national security. Deep tech has gained prominence in technology and startup communities. While lacking a precise definition, deep tech generally encompasses advanced technologies, many of which may still be in the developmental stages but hold the potential to instigate disruptive transformations in the future.
“What really matters in startups is their ability to commercialize and develop intellectual property rights (IPR). It’s not enough to only innovate; you should be able to convert it into IPR which is of long-term benefit to the country and to yourself,” DPIIT secretary said. “Deep tech and extensive research and development would be the answer to that”, he added. 
In contrast to non-deep tech startups, which primarily differentiate themselves through their business model, deep tech startups focus on early-stage technologies rooted in scientific or engineering breakthroughs that have yet to be developed for commercial applications. The DPIIT secretary mentioned that the government is also actively engaged in establishing specialized fund-of-funds aimed at assisting deep tech startups. Amitabh Kant, India’s G20 Sherpa, also emphasized the significance of 'fund-of-funds' in fostering the development of startups.
“We will need a big deep tech fund of funds, which will deploy resources into alternate investment funds”. Regarding regulations, Kant expressed the view that startups should uphold a self-regulated ecosystem to promote transparency and ethical conduct, as governmental regulation often hampers innovation.
“All of you entrepreneurs are innovators. As you grow and expand, you must ensure that there is proper financial management and a proper audit. Self-regulation is the key,” Kant said addressing the startup entrepreneurs. Over 1,000 startups, along with numerous investors and incubators, are actively engaged in the three-day 'Startup Mahakumbh' event commencing in the national capital.

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