New Delhi, 4 Jan (.) Minister of Science and Technology Jitendra Singh on Sunday said that deep-tech startups no longer require a minimum of three years of existence to avail recognition under DSIRs Industrial Research and Development Promotion Program, a condition previously mandatory.
Calling the decision a “noble intent to accelerate and sustain new startups”, the minister announced the relaxation of the norm during the 42nd Foundation Day of the Department of Scientific and Industrial Research (DSIR).
The Centre claims that the move is expected to provide initial momentum to beginners of startup projects, helping them scale faster. “For early-stage innovators or startups, a wide basket of schemes already exists across departments such as DST, CSIR, TDB and others. The removal of the three-year existence requirement is a significant incentive to help deep-tech startups scale faster, even before they are fully on their own,” said Singh.
A deep tech startup is a young company that builds its product or service on serious scientific research or advanced engineering, not just on an app or a business idea, solving real-world problems using breakthroughs from science and technology.
Meanwhile, a total of 3600 deep-tech start-ups in our nation, India, ranks sixth globally in the ecosystem, not far behind the world’s leaders. In the US, the number sums up to nearly 26000 companies, while China stands at 6440 companies, according to a report by Traxcn.
Even though India fares well in the number of deep-tech startups, they lack funds, noted industry experts. Between 2014 and 2024, Indian startups received 160 billion dollars in investment compared to China with 845 billion dollars and the US with 2.3 trillion dollars in investment.
. MBJ PRP