- The Indian government is about to pass a new ‘deep tech’ strategy. The final version of the policy is ready for Cabinet approval after public comments on the draft were received in July 2023.
Understanding ‘Deep Tech’
- Definition and Scope: ‘Deep tech’ refers to startups that create intellectual property based on new scientific advances, with the goal of having a substantial impact. AI, ML, Blockchain, Quantum Computing, and so on.
- According to Startup India, there are 10,298 firms in various deep tech sub-sectors as of May 2023.
- Exclusion criteria: Deep tech companies do not include businesses based on easily repeatable ideas.
Draft National Deep Tech Startup Policy (NDTSP) 2023
- Policy Objectives: The NDTSP intends to address deep tech firms’ fundraising, talent acquisition, and growing R&D operations concerns.
- Strategic Approach: The policy is intended to foster deep tech innovation, economic growth, and societal development.
India’s Deep Tech environment
- Global Ranking: With over 3000 deep tech enterprises, India ranks third internationally in the startup environment.
- Sector Expansion: These companies are diversifying into industries such as agriculture, life sciences, chemistry, aerospace, and green energy.
Prospects and Policy Foundations
- Public Consultation: Following talks with stakeholders in the deep tech ecosystem, the draft policy was released for public feedback until September 15.
- Key Elements: The policy prioritises securing India’s economic future, transitioning to a knowledge-driven economy, strengthening national capabilities, and supporting ethical innovation.
Elements of Policy and Recommendations
- Funding and Innovation: The policy calls for financial assistance in the form of grants, loans, and venture capital, as well as regulatory simplifications and academic-industry partnership.
- Talent Development: STEM education, training opportunities, and attracting international talent are all priorities.
- Access to Infrastructure and Technology: Establishment of deep tech incubation centres, testing facilities, and shared infrastructure resources.
- Public Procurement and Market Opportunities: Encouraging government agencies to use deep technology solutions and facilitating access to foreign markets.
- Establishing a consistent IP framework and implementing cybersecurity safeguards are two ways to protect intellectual property.
Conclusion
- The NDTSP has the potential to transform India’s deep tech ecosystem by supporting technical innovation and economic progress.
- Measuring Success: The effectiveness of the policy will be measured by its influence on startups, the depth of innovation, and societal transformation.
- Deep Tech Democratisation: The concept attempts to make deep tech benefits available to all members of society by utilising research-driven achievements for national advancement.
Source: https://www.thehindu.com/news/national/deeptech-policy-to-be-presented-for-approval-soon-science-advisor/article67710467.ece#:~:text=on%20January%205.-,In%20July%202023%2C%20the%20government%20unveiled%20a%20draft%20of%20the,no%20precise%20definition%20as%20yet.