India is the global hub of technology. In every corner of the world, there will be an Indian tech expert. With the talent pool, new Government policies, and startup-promoting schemes, India is emerging as the winner in artificial intelligence, blockchain, quantum computing, and more.
Landscape of Deep Tech in India
Artificial intelligence and machine learning have gained the steepest growth curve in India. With a pool of excellent talent and an appetite for innovation, Indian startups have started using AI in various industries. Healthcare, finance, agriculture, and retail – AI is providing us with new models that take traditional practices by the side and implement AI-generated services.
Another Deep Tech Industry that gained traction in India is blockchain and cryptocurrency. Despite the regulations and uncertainties, blockchain is explored in financial services and supply chain management. Quantum computing has immense potential to solve complex problems. India is the front-runner in quantum computing research and development. This outsmarts the classic computer in multiple facets.
Emergence Of Deep Tech
India has a pool of talented scientists and engineers, pushing it to the forefront of technological innovations. With 3000+ Deep Tech startups venturing into artificial intelligence, machine learning, quantum computing, robotics, etc., Bengaluru amounts to 25-30% of the Deep Tech start-ups in India. India contributes much to Deep Tech technology in terms of intellectual property sharing, indigenous knowledge development, and self-reliance. It opens the door for entrepreneurs, skilled workforce, and technology giants.
The Government has held hands with the Deep Tech startups as it has supported mobility, quantum technology, and the like. The government has developed the National Mission on Transformative Mobility and Battery Storage and the National Quantum Mission to support deep tech startups.
National Deep Tech Startup Policy
In 2023, the National Deeptech Startup policy was formulated to support the Deep Tech start-ups. The policy was formulated to foster a positive and encouraging environment for start-ups in the technological avenue. It provides them with a conducive environment to grow globally. It aims to address the challenges faced by the companies working on Deep Tech.
The objectives of the policy are the following:
- Setting benchmarks, standards, and certifications to ensure the quality of deep tech products.
- Provide Tax relaxation for the research and development sector in Deep Tech.
- To provide an effective framework to protect their intellectual property and promote technological innovation.
- Provide sustainable financial support for the startups to continue to function.
- To promote talent and bring forth professionals with the knowledge and finesse in Deep Tech.
Challenges Faced By Deep Tech In India
- Deep Tech start-ups require a huge upfront investment. This investment takes years to start providing any return.
- Specialized professionals in Deep Tech are rare. Hence, maintaining and retaining them could prove costly to startups. There have been instances where start-ups must invest more in professionals than in their products.
- The market is still not ready to absorb Deep Tech completely. There have been apprehensions and a lack of trust while incorporating the tech developed by the professionals. Convince and educating the customers would consume their time and energy, and the returns would be proportionally less.
- Though the government has various policies and schemes to support the Deep Tech startups, the money allocated for their research is still inadequate. This will hamper the seamless growth curve of the Deep Tech firms.
- The Deep Tech firms are often alleged to have scraped personal data. Also, the lack of transparency and knowledge about their functioning could create doubts about the ethical practices in preserving the data.
- Bureaucracy in India has always been a hurdle when starting any venture. This is even more in the case of Deep Tech firms, rules and regulations specific to the niche are yet to be formulated.
How To Overcome The Hurdles
- Promoting public-private partnerships is one way to promote the Deep Tech firms. Government policies, funds, and the collaboration of research centres and education institutions could improve the Deep Tech firms.
- Due to a lack of precedence, optimal utilization of funds can be a hurdle. There will be many trial and error attempts, which could cost a fortune.
- Taking care of intellectual property rights is imperative to ensure the safety and confidence of professionals. The government could also help make IP creation and commercialization streamlined and straightforward.
- Clarity in regulations is another important aspect that should be taken care of. Clear-cut regulations and rules regarding data privacy, intellectual property, and cyber security should be in place, and they should be implemented without fail.
- Since it is a niche market, specialized talent is scarce. Hence, there should be a collaboration between the industry and educational institutions to incorporate Deep Tech training and skill development among the students. There should be a viable and nourishing ecosystem where professional talent can be nurtured and developed.
India’s Deep Tech has a lot of possibilities. Deep Tech will push India to the top if we look into the future. We have always been nurturing a pool of talent that was absorbed by other countries due to a lack of recognition and opportunities here. However, this can be rectified with the right support, including funding, supportive policies, and regulations. The Deep Tech start-ups in India have the potential to push the Indian economy forward because the world is evolving rapidly around Deep Tech, and the brains in India are bursting with ideas. Proper planning, guidance, and support could bring more and more youth to Deep Tech, and more and more industries will benefit from Deep Tech, increasing productivity in less time. Thus, proper management and planning could enable Deep Tech start-ups in India to be the decision-makers in India’s growth curve.
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