In the budget for 2022–2023, the government announced theme grants to support deep-tech and other emerging industries. Also, a number of schemes and programs have been launched by the Ministry of Electronics and Information Technology (MeitY) to assist deep tech firms.
According to the NASSCOM Strategic Report for 2023, there are 27,000 technology companies overall, of which 3,200+ (or 12%) are deep tech firms. Deep tech businesses confront a number of obstacles in addition to the need for capital-intensive development, including the need for tax incentives, investor connections, consumer and supplier connections, global outreach with soft landings, and long-term viability. The MeitY has taken a number of proactive, preventative, and graduated steps to boost the nation’s ecosystem for technology-led startups and innovation and to advance new and emerging technologies. This proactive strategy builds on well-established best practices and is intended to strengthen the infrastructure for developing tech startups as a whole by removing chronic barriers and facilitating a smooth transition from the ground up. These are some of the significant initiatives explained:
The Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme was launched in 2019 with the goal of fostering tech entrepreneurship by providing financial and technical support to incubators working to support ICT startups utilizing cutting-edge technologies like the Internet of Things (IoT), artificial intelligence (AI), blockchain, robotics, etc. The Scheme’s main goal is to support incubation operations at prestigious R&D organizations and higher education institutions. It is being implemented by 51 incubators through a three-tiered framework. Over 2,000 tech businesses are anticipated to receive incubation support through the program, which will cost Rs 264 crore in total over the course of five years.
Domain-specific Centers of Excellence: To promote self-sufficiency and build capacities to seize new and emerging technological sectors, the MeitY has envisioned and operationalized 26 Centers of Excellence (CoEs) in a variety of areas of national significance. These domain specific CoEs serve as catalysts and help make India an emerging innovation powerhouse by democratizing innovation and making prototypes.
SAMRIDH Scheme: In August 2021, the government introduced the “Startup Accelerator Program of MeitY for Product Innovation, Development and Growth (SAMRIDH)” with the goal of assisting current and upcoming accelerators in further identifying and propelling potential startups based on software products to scale. The program has a three-year lifespan and a total cost of Rs 99 crore. Under the SAMRIDH Plan, 300 startups in total will receive assistance.
The National Policy on Software Product (NPSP) 2019 is mostly addressed by the Next Generation Incubation Scheme (NGIS), which has been approved to promote the software product ecosystem. Agartala, Bhilai, Bhopal, Bhubaneswar, Dehradun, Guwahati, Jaipur, Lucknow, Prayag raj, Mohali/ Chandigarh, Patna, and Vijayawada are the suggested areas from which the Program will be introduced. With a budget of Rs 95.03 crore over three years, the scheme’s solution-oriented architecture intends to support 300 IT firms in tier-2 and tier-3 cities.
Support for the SIP-EIT (Support for International Patent Protection in E&IT) Scheme: To promote innovation and recognize the value and potential of global IP, the government launched a program called “Support for International Patent Protection in E&IT (SIP-EIT)” that promotes Indian MSMEs and start-ups to file for international patents. The system allows for reimbursement up to Rs 15 lakhs per invention, or, if this amount is less, 50% of the whole costs associated with filing and processing a patent application up until approval.
GENESIS (Gen-Next Support for Innovative Startups): The Ministry of Electronics and Information Technology (MeitY) has launched the umbrella program Digital India-GENESIS to find, foster, and grow successful startups in Tier-II and Tier-III cities. The program places a strong emphasis on cooperative engagement between startups, the government, and corporations for promoting digitization based on the principles of inclusivity, accessibility, and affordability, which will increase employment and economic growth.
The Minister of State for Electronics and Information Technology (MeitY), Shri Rajeev Chandrasekhar, provided this information in a written response to a question in the Lok Sabha today.
