According to reports, the Ministry of Commerce and Industry may propose a special policy for high-tech startups to promote innovation in the budget plan to be announced by the new government.

Voting for parliamentary constituencies has closed and counting is scheduled for June 4. The new government is expected to be launched this month. The new government may announce its full budget for 2024-25 in July.

Startups have to convert their innovation into intellectual property rights and for that extensive R&D is required, according to reports.

The policy is in its final stages and the Ministry may forward proposals for a full budget presentation.

The policy is in its final stages and the Ministry of Education can submit a proposal for presentation in the full budget. It is aimed at addressing the challenges confronting deep tech startups through definitive policy interventions to create conducive ecosystem.

It also aims to harness the transformative potential of technological advances across sectors, act as a catalyst to drive spillover effects across the economy and lay the foundation for the creation of new industries.

Deep technology refers to innovations founded on advanced scientific and technological breakthroughs. Due to their disruptive nature, they have the potential to solve India's most pressing societal issues.

According to reports, the priority is to strengthen the research and innovation ecosystem leading to scientific breakthroughs and technological advancements, boosting India's knowledge-driven economy.

Key elements needed to foster R&D and innovation includes intellectual property creation, financing, infrastructure, standards and certification, and capacity building.

In March at a Startup Mahakumbh program, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh stated, “The Government of India is in the process of creating a separate dedicated deep tech startup policy. The policy paper is now in the final stages of inter-ministerial discussion. We hope to bring it forward soon.”