The annual Startup Mahakumbh event hosted discussions around the growing deep tech sector in India and the government's plans to nurture innovative startups in advanced technologies. Department for Promotion of Industry and Trade Secretary RK Singh revealed that consultations on a dedicated deep tech policy are in the final stages, aiming to soon release guidelines supporting high-risk, high-reward ventures.
Deep tech refers to sector-transforming solutions like artificial intelligence, augmented reality, blockchain, and other cutting-edge areas with potential for widespread societal impact. Singh addressed the need to boost India's global innovation ranking by empowering deep tech entrepreneurs through facilitating policies. Nasscom President Debjani Ghosh echoed this, urging the country to seize AI opportunities rather than fearing risks through balanced oversight.
Former Niti Aayog head Amitabh Kant called homegrown startups worth $350 billion a “national asset” and set an ambitious goal to make India the top global startup hub within five years. Sanjeev Bikhchandani of Info Edge highlighted untapped potential in corporate-startup partnerships, saying larger firms must nurture ventures beyond strategic investments. Zomato CEO Deepinder Goyal concurred, stressing established businesses should fund rather than own startups to aid their growth.
Overall, the event signaled momentum building for India's deep tech revolution with supportive policies in the pipeline. While 2023 saw funding slow, investors remained bullish on the country's innovative potential. With the right ecosystem, India is primed to produce globally competitive deep tech champions shaping industries of the future.
