In the fast-paced world of technology, India’s deep tech startups are emerging as key players in global innovation. Sangeeta Gupta, senior vice president of Nasscom, in an interview with CNBC-TV18, emphasised that the sector currently requires access to patient capital and the right talent pool.
While the country witnessed a commendable $2.7 billion in deep tech funding last year, Gupta suggests that these figures fall short of the sector’s actual requirements.
“India has about 28,000 technology startups and only 10-11% of those are focused on Deep Tech. India saw $2.7 billion of funding in the Deep Tech sector last year but the numbers are much lower than what is needed.
Also what Deep Tech startups in India need right now is access to patient capital and access to the right talent. So we need an ecosystem that comes together and builds all of these different pieces,” Gupta stated.
On a positive note, Gupta acknowledges the government’s recent initiative in formulating the National Deep Tech Startup Policy. She commends the government’s efforts, stating that the policy is comprehensive, covering crucial aspects such as funding, intellectual property (IP) creation, and fostering collaboration.
This initiative stems from recommendations by the Prime Minister’s advisory council, which underscored the need for a National Consortium to formulate a robust policy framework tailored to the unique needs of India’s deep tech startup sector.
The National Deep Tech Startup Policy Consortium took a significant step forward by releasing the draft policy on July 31, opening its doors to public consultation until September 15. This inclusive approach seeks to gather feedback from various stakeholders, ensuring a well-rounded perspective that aligns with the diverse needs of the deep tech ecosystem.
Despite the promising nature of the policy, Gupta raises a crucial point regarding its implementation. She highlights that execution of the policy requires more than the efforts of a single department; it demands extensive inter-ministerial collaborations. CNBCTV18