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Centre In The Final Leg Of Building A Dedicated Policy For Deeptech Startups: DPIIT Secy
Inc42
·
1y ago
Medial
The Indian government is finalizing a dedicated policy to support deeptech startups, with plans to create a fund of funds to support their growth. The policy aims to promote sectors such as AI, semiconductor manufacturing, spacetech, and other related segments. The government's focus on deeptech is part of its broader efforts to boost research and development in sunrise sectors. In addition, the government aims to increase procurement from the startup ecosystem, with the Government e-Marketplace (GeM) having already procured products worth INR 22,000 crore (approximately $3 billion) from startups.
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Startup Mahakumbh Is The Right Showcase For India’s Manufacturing Push: DPIIT Joint Secy Sanjiv
Inc42
·
1y ago
Medial
The upcoming Startup Mahakumbh event aims to focus on less prominent sectors, such as manufacturing and deeptech. DPIIT joint secretary, Sanjiv, believes these sectors require the most support from the startup ecosystem. The event, taking place in Delhi from March 18-20, will host over 1,000 startups, investors, incubators, and accelerators. It will feature separate pavilions for various sectors such as AI and SaaS, agritech, biotech and pharma, and gaming and esports. Sanjiv emphasized the need for guidance, mentorship, and access to labs and facilities for startups in the manufacturing sector. The event is expected to provide funding opportunities and facilitate collaborations between startups and corporates. Additionally, DPIIT plans to launch the Bharat Startup Ecosystem Registry, which aims to bring together stakeholders in the startup ecosystem and provide valuable information to startups.
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PM Narendra Modi to address entrepreneurs, investors at Startup Mahakumbh event tomorrow
Economic Times
·
1y ago
Medial
Prime Minister Narendra Modi will be addressing the Startup Mahakumbh event in New Delhi. The event aims to bring together stakeholders from the startup community, innovators, and upcoming entrepreneurs. During the event, there was a discussion on the importance of collaboration between fintech startups and regulators, emphasizing the need to respect rules and regulations while challenging them if necessary. Additionally, the Department for Promotion of Industry and Internal Trade (DPIIT) secretary mentioned that a deeptech startup policy is in its final stages of inter-ministerial consultations, focusing on commercialization and the development of intellectual property rights.
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National E-commerce Policy in final stages; May be announced soon: Goyal
OutlookIndia
·
1y ago
Medial
The proposed national e-commerce policy in India is in its final stages and will be announced soon, according to Union Minister Piyush Goyal. The policy aims to address various aspects of the e-commerce ecosystem, including data, infrastructure, marketplaces, regulations, domestic digital economy stimulation, and export promotion through e-commerce. The Department for Promotion of Industry and Internal Trade (DPIIT) has previously held discussions with e-commerce representatives and domestic traders regarding the policy. Additionally, the DPIIT is also working on a national retail trade policy.
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Five lakh sellers onboard ONDC so far: DPIIT secy
Economic Times
·
1y ago
Medial
Around five lakh sellers have joined the Open Network for Digital Commerce (ONDC) in collaboration with startups to increase market access. According to Rajesh Kumar Singh, the secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC has gained traction in the e-commerce sector. The platform aims to democratize digital commerce and cater to smaller players. Currently, 70% of the five lakh sellers are small and medium-sized businesses. Over 125 ecosystem stakeholders, including startups like PolicyBazaar, EaseMyTrip, and WinZO, have shown interest in collaborating with ONDC.
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How Public Contracts Are Powering India’s Deeptech Revolution
Inc42
·
11m ago
Medial
70% of Indian deeptech startups face funding challenges, as R&D spending in India is only 0.7% of GDP. However, the StartUpIndia initiative has helped to secure INR 960 Cr of funding for startups. The government has also introduced a policy draft to boost the deeptech ecosystem, with plans for a common grant framework across ministries.
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Rs 10,000 crore fund of funds scheme to focus on manufacturing, high-tech startups: DPIIT Secy
Economic Times
·
6m ago
Medial
The Rs 10,000 crore Fund of Funds Scheme (FFS), unveiled in the Budget, targets manufacturing and high-tech startups needing long-term funding, according to DPIIT Secretary Amardeep Singh Bhatia. This initiative will differ from its 2016 predecessor, addressing high-end tech startups and those improving public services. The original FFS catalyzed over Rs 21,700 crore in 1,180 startups. The new FFS aims for extended funding durations, exploring options like debt funds, and mobilizing 20 times the investment.
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No Proposal For Independent Regulator In Proposed E-Commerce Policy: Official
OutlookIndia
·
1y ago
Medial
The proposed e-commerce policy in India does not include provision for an independent regulator, according to a senior official. The policy, currently in its final stages, also does not cover data-related issues as it expects e-commerce firms to comply with the Digital Personal Data Protection (DPDP) Act. The Department for Promotion of Industry and Internal Trade (DPIIT) recently held discussions with representatives from e-commerce firms and domestic traders regarding the proposed policy. The government aims to ensure the policy aligns with consumer protection rules and addresses the interests of stakeholders in the sector.
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Deep tech startup policy likely in forthcoming Budget
Economic Times
·
1y ago
Medial
The commerce and industry ministry is considering the proposal of a dedicated policy for deep tech startups to encourage innovation, which may be part of the upcoming Budget. This move aims to address the challenges faced by deep tech startups and create an ecosystem that fosters their growth. The policy would focus on promoting research and development, intellectual property rights, funding, infrastructure, standards, and capacity building. The government is expected to announce the full Budget for 2024-25 in July, following the formation of a new government. Additionally, a "Made in India Label Scheme" is also anticipated to be proposed to support domestic manufacturing.
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IIM Bangalore incubator floats accelerator fund for deep-tech startups
VCCircle
·
1y ago
Medial
The Nadathur S. Raghavan Centre for Entrepreneurial Learning (NSRCEL), the startup incubator of IIM Bangalore, has partnered with Small Industries Development Bank of India (SIDBI) to launch a deeptech-focused pre-seed startup accelerator fund. The corpus of the fund has not been disclosed. NSRCEL aims to support and invest in deeptech and emerging ventures, expanding its role beyond just supporting startups. SIDBI manages a Rs 10,000 crore fund-of-funds for startups and has previously backed VC firms like Blume Ventures and Chiratae Ventures.
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Climate Tech Venture Studio NOW launches in India with $2M fund
IndianStartupNews
·
1y ago
Medial
Climate Tech Venture Studio NOW has launched in India with a $2 million fund dedicated to investing in early-stage deeptech startups focused on sustainability and climate technology. NOW aims to co-build three to four startups in the next 12-18 months, providing financial investment, mentorship, and strategic support. The venture studio model offers hands-on co-building experience and has gained popularity in India, providing support to entrepreneurs in a challenging funding landscape. NOW's initial focus areas include industrial decarbonization, energy, electric vehicles, agriculture, circular economy, and low-carbon materials. The application period for the program closes on March 31st, 2024.
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