Commerce Ministry Finalising Dedicated Policy To Promote Deep Tech Innovation In Start-Ups

ENA Sectors 2024-06-03 14:56:53 New Delhi, Jun 3 (KNN) As India awaits the formation of a new government following the conclusion of the Lok Sabha polls, a key proposal is taking shape within the Ministry of Commerce and Industry. According to an official source, the ministry is finalising a dedicated policy to promote innovation among deep tech start-ups, with the intent of including it in the forthcoming Union Budget to be announced by the incoming administration. The contours of this policy aim to nurture an ecosystem conducive to transformative advancements rooted in scientific breakthroughs and cutting-edge technologies. A draft National Deep Tech Start-up Policy (NDTSP) was released last July, soliciting feedback from stakeholders. Its core objectives include addressing challenges confronting these start-ups through strategic interventions, harnessing the disruptive potential of deep tech across diverse sectors to catalyse economic ripples, and laying the groundwork for new industry creation. Deep technology, by definition, refers to innovations derived from advanced scientific research and technological milestones. Given their potential to tackle pressing societal issues, strengthening the research and innovation ecosystem underpinning knowledge-driven economic growth has been identified as a priority area. Key enablers envisioned encompass robust frameworks for intellectual property rights, funding mechanisms, infrastructure development, standards and certification protocols, and capacity-building initiatives. Addressing an event in March, Rajesh Kumar Singh, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), underscored the government's commitment, stating, We are in the process of creating a separate dedicated deep tech start-up policy. He mentioned, The policy paper is now in the final stages of inter-ministerial discussion. We hope to bring it forward soon. This policy thrust comes on the heels of recommendations from the Prime Minister's Science, Technology, and Innovation Advisory Council (PM-STIAC), which advocated for a comprehensive framework to bolster India's deep tech start-up ecosystem during its meeting in July 2022. (KNN Bureau) 38048 https://knnindia.co.in/news/newsdetails/sectors/commerce-ministry-finalising-dedicated-policy-to-promote-deep-tech-innovation-in-start-ups 2024-06-03 14:56:53 knnindia.co.in Commerce Ministry Finalising Dedicated Policy To Promote Deep Tech Innovation In Start-Ups