Deep technology startups are to get a boost from the Indian government. A special policy is awaited and soon to be announced, said Kumar Singh, Secretary of the Ministry of Commerce and Industry.

Deep tech startups are such companies which mainly rely on the high-tech innovations in engineering or significant scientific breakthroughs. Even though many such startups are currently in the development phase, they have the potential to bring major changes in various industries.

The initiative of Indian government is actually a response to the increasing interest in the deep tech startup ecosystem. A similar measure recently was to fund the startups with Rs. 1 lakh crore as a support. A renewed focus is to use deep tech innovation in defense.

Speaking at the ‘Startup Mahakumbh’ event in the national capital, Singh said that the policy for deep tech startups is in the final stages and announcement would be made soon to establish a dedicated fund to support the startups.

More than 34 deep tech startups are taking part in the two-day ‘Startup Mahakumbh’ to showcase their innovations at the Nasscom pavilion. Various expert speakers are to discussion topics across various sectors including Artificial Intelligence, software-as-a-service (SaaS), agritech, fintech and biotech.

India is currently placed at the third position in the world with respect to tech startup ecosystem with over 950 tech startups founded in 2023. According to a recent report by Nasscom and Zinnov, investments in deep tech are expected to rise further in 2024. It is learned that , 70% of the startup founders are incorporating AI in their solutions.

The number of deep tech startups in India has grown significantly over the past decade. The number was less than 100 in 2014 and now it is more than 400.