Union Ministry likely to propose Policy for Deep-tech Startups in July Budget

By Team Startupcity  |  Monday, 03 June 2024, 12:56 IST

Union Ministry likely to propose Policy for Deep-tech Startups in July Budget
An official subjected to the upcoming Budget by the new government said that the ministry of commerce and industry likely to plan a committed policy for startups in deeptech sector to foster innovation.
As voting for the Lok Sabha polls is finished and the process of counting is planned for June 4. The novel government is probably to take pledge in this month. And the new government may declare the full budget for the financial year 2024-2025 in July.
The official alleged that the deep tech startups have to transform their innovation into intelligent property rights and for that wide ranging team of research and development is needed. 
The respective policy is upended in the final stages and the ministry of commerce and industry may push this proposal forward for full Budget announcement. 
Last year, in the month of July, a draft from NDTSP – National Deep Tech Startup was released for investor comments. It is wholly intended for underscoring the risks and challenges provoking the deep tech startups by an ultimate policy involvements to build an encouraging ground.
Also it targets to leverage the revolutionary potential of advancements in technology over various industries, catering as a catalysts to arouse the effects of current landscape through the economy and setting the foundation for the generation of new industry.
In the month of March at an event of Startup Mahakumbh programme, Rajesh Kumar Singh, the Secretary in DPITT - Department for Promotion of Industry and Internal Trade stated, The Government of India is in the process of creating a separate dedicated deep tech startup policy. The policy paper is now in the final stages of inter-ministerial discussion. We hope to bring it forward soon”.

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