New Delhi, March 18
Rajesh Kumar Singh, the Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), revealed the Government of India's plans to introduce a dedicated policy aimed at fostering deep-tech startups at the inauguration on 'Startup Mahakumbh' at Bharat Mandapam on Monday.
Singh disclosed that the government is currently in the advanced stages of crafting a specialized policy framework specifically tailored to support deep-tech startups.
He indicated that the policy paper is undergoing final discussions among various ministries and expressed optimism about its imminent release.
Additionally, Singh outlined plans for the subsequent establishment of a dedicated fund-of-funds to further support these innovative ventures.
Singh said, "Government of India is in the process of creating a separate dedicated deeptech startup policy" stated Singh.
He added, "The policy paper is in the final stages of inter-ministerial discussion and we hope to bring it forward soon and after that we will move forward towards creating a dedicated fund-of-funds again."
Emphasizing the importance of government support for startups, Singh highlighted that beyond funding, startups require orders from the government to kickstart their journey effectively.
He underscored the role of government procurement in providing the initial traction necessary for startups to flourish.
"Startups, more than funding, they need orders from government to give them that start that they deserve," remarked Singh.
Singh also celebrated India's status as the third-largest startup ecosystem globally, acknowledging its significance as a testament to Prime Minister Narendra Modi's vision for the nation's development.
He emphasized that India's burgeoning startup ecosystem aligns with the Prime Minister's overarching goal of transforming the country into a developed nation by 2047, rallying all segments of society towards this common objective.
Singh stated, "We have the 3rd largest startup ecosystem in the world."
"It also epitomises the PM Modi's vision that whole of society should accept the goal of becoming the developed nation by 2047 and all of us work together for it," he added.
With plans for a dedicated policy framework and support mechanisms, India's startup ecosystem is poised for further growth and advancement on both domestic and global fronts.