The Indian government, led by Secretary of Commerce Ministry's Department for Promotion of Industry and Internal Trade, RK Singh, is finalizing a policy for start-ups in the deep tech space to spur disruptive changes and innovation. The announcement was made at the Startup Mahakumbh event, which aims to unite thousands of start-ups and investors in advanced technologies. With the goal of improving India's global ranking on innovation, the government also plans to launch a new scheme to strengthen deep-tech capabilities in the defence sector. This comes at a crucial time as Indian start-ups face challenges with a decline in funding and CAGR growth.
India's Startup Policy: Empowering Deep Tech Innovation
Background
India has emerged as a global hub for startups, playing a key role in driving economic growth and innovation. Recognizing the importance of deep tech startups, the Indian government has taken several steps to support the sector.
Government Initiatives
At the recent Startup Mahakumbh event, the Department for Promotion of Industry and Internal Trade (DPIIT) announced the finalization of a policy for deep tech startups. This policy aims to provide incentives, support infrastructure, and foster collaboration between startups, investors, and academia.
Additionally, the government plans to launch a new scheme to strengthen deep-tech capabilities in the defense sector. This scheme will focus on promoting research and development (R&D), nurturing talent, and fostering industry partnerships.
Significance
The government's focus on deep tech startups stems from its recognition of the transformative power of these technologies. Deep tech startups leverage cutting-edge advancements in fields such as artificial intelligence, machine learning, biotechnology, and quantum computing to solve complex problems and create new opportunities.
By investing in deep tech, India aims to enhance its global innovation ranking, boost economic growth, and create employment opportunities.
Top 5 FAQs
1. What are the benefits of the new deep tech startup policy? The policy offers financial incentives, regulatory support, access to infrastructure, and mentorship opportunities to deep tech startups.
2. What is the focus of the defense deep-tech scheme? The scheme aims to enhance R&D capabilities, develop niche technologies, and foster collaboration between the defense sector and startups.
3. How does the government plan to improve India's innovation ranking? The government plans to invest in deep tech, support research, foster talent, and promote industry collaborations to elevate India's position in global innovation indices.
4. What are the challenges facing Indian startups? Indian startups face challenges such as funding, regulatory hurdles, and market competition.
5. What past events have influenced the government's deep tech policy? Previous initiatives like the Startup India program and the Atal Innovation Mission have laid the groundwork for the government's support for deep tech startups.
In a bid to address the issue of unemployment in his constituency, three-time Chevella MLA Kale Yadaiah has announced plans to promote industries in the region. Yadaiah, who has won on Congress, BRS, and Congress tickets in the past, secured a close win in the recent Assembly elections and is now determined to fulfill his ambition of promoting industrial growth in Chevella. His plans include setting up textile and electric battery manufacturing units in Shabad mandal and a textile industry in Chevella mandal, which he estimates will provide employment to thousands of locals. Yadaiah's efforts are set to bring much needed stability to the region's revenue and boost economic development in the area.
The insurance sector is hoping for significant changes in the upcoming Budget 2024 to boost its growth and contribute to India's economy. With low insurance penetration rates in the country, the industry is looking for reforms that will incentivize adoption and increase accessibility. The industry is also urging for tax benefits for pension products to support the growing aging population in India and ensure a secure retirement income for them. The sector is counting on the government to demonstrate its commitment to the goal of Insurance For All by 2047.
The coach of the German national football team has banned players from inviting their wives and girlfriends for the upcoming European Football Championship in 2024. This decision was made after the coach noticed that their presence has caused distractions for the players. Despite initially allowing WAGs to accompany the team, they will no longer be allowed due to Germany's exit from the quarter-finals. With high chances of winning the tournament, the coach is taking precautionary measures to ensure the team's focus and success.
Jothy Rosenberg, a successful entrepreneur with 35 years of experience founding and running startups, shares his insights on why 7.5 out of 10 venture-backed startups fail. He believes that it's because the founders lack focus on five crucial aspects: having the right CEO, proving product-market fit, raising money from the right investors, managing runway, and fostering a strong company culture. He emphasizes that during the initial phase, the CEO should be the person with the strongest passion and ability to articulate the solution, rather than solely relying on sales and marketing expertise. Additionally, Rosenberg stresses the importance of identifying a narrowly defined market segment, finding lighthouse customers to define the minimum viable product, and continuously testing and improving to prove product-market fit.
Global marine fuel supplier Bunker One has hired a CFO for its Brazilian unit, with the hope of continuing their successful growth through future projects like the Trans Mountain pipeline. Marcus Cabral, formerly a vice president for Nova Offshore, will take on the role of CFO for Bunker One Brazil as they look to expand their presence in South America. The firm anticipates spending $15 million on emissions compliance in 2024, representing a small but significant portion of their total fuel and emissions bill for the year.
After securing a historic victory at the 2024 T20 World Cup, the Indian cricket team finally returns home after being stranded in Barbados due to a cyclone. Upon arrival, the team was welcomed with a grand celebration at the Indira Gandhi International Airport, where fans cheered enthusiastically. The team will now proceed to meet Prime Minister Narendra Modi before a victory parade and ceremony at Wankhede Stadium in Mumbai.
Shipping stocks, including Mazagon Dock Shipbuilders, Garden Reach Shipping, and SEAMEC, saw a surge in trade on Wednesday following the collapse of the Baltimore Bridge in Maryland. Independent market expert Ambareesh Baliga predicts that the disruption will cause freight charges to rise, benefiting shipping companies. While a temporary channel has been opened to allow some vessels to move around the stuck cargo ship, the wider restoration of commercial shipping remains challenging. This incident may be the worst US bridge collapse since 2007, with reports suggesting that it may take years to replace the bridge.
Housing & Urban Development Corporation (HUDCO) has gained momentum in the stock market, with its shares hitting a 52-week high on the NSE at ₹325.80. The stock is trading in the green, along with other Indian stock markets, on 4 July 2024. Stay updated with the latest share prices, BSE, NSE, Sensex and Nifty updates on BusinessLine to stay ahead in the game. Download the BusinessLine apps for additional benefits.
Minister of Road Transport and Highways, Nitin Gadkari will unveil India's first ever CNG bike at tomorrow's launch event. With its factory-fitted dual fuel option and lower running costs, the Bajaj CNG bike is expected to make a significant impact on the two-wheeler market. Despite the lower energy density of CNG, the bike is projected to have comparable performance and an impressive mileage range of 70-90 km/L. Built with a mix of design elements and components from different bike styles, the Bajaj CNG bike will have a premium and distinctive appearance. It is expected to be priced within the range of Rs 80k-90k and with the potential for large-scale adoption, it could contribute to reducing India's energy imports.
Delhi Police increased security outside Congress leader Rahul Gandhi's house after receiving information about possible threats from right-wing organizations. A platoon of paramilitary personnel and several teams from the Delhi Police were deployed after intel suggested a disturbance in the area. This comes after Gandhi made a remark in his first speech as Leader of Opposition in the Lok Sabha, criticizing the BJP and causing backlash from party leaders. The DGCA has also asked Air India for a report about causing inconvenience to passengers by using a plane to transport the Indian cricket team from Barbados.