New Delhi, March 18 (IANS) The Centre is set to introduce a new policy to boost the deeptech startup ecosystem in India, as announced by Rajesh Kumar Singh, Secretary, Ministry of Commerce and Industry. Speaking at the ‘Startup Mahakumbh’ event, Singh mentioned that the deeptech startup policy is in its final stages of discussion among ministries.
Singh stated, “We hope to bring it forward soon. We will hopefully move towards creating a dedicated fund of funds.” He also mentioned that a separate window for deeptech startups will soon be established. 34 deeptech startups are currently showcasing their innovations at the Nasscom pavilion during the event.
The ‘Startup Mahakumbh’ event is facilitating discussions on various sectors such as Artificial Intelligence, software-as-a-service (SaaS), D2C/consumer brands, agritech, fintech, deeptech, biotech and pharma, incubators, climate tech, E-sports, and B2B manufacturing. India maintains its position as the third-largest tech startup ecosystem globally, with over 950 tech startups founded last year.
A report by Nasscom, in collaboration with Zinnov, reveals that investments in deeptech are expected to rise in 2024. Majority of startup founders are incorporating AI into their solutions, with 70% focusing on Generative AI (GenAI) acceleration. The growth of deeptech startups indicates a promising future for the tech industry in India.
–IANS
na/rad
