Centre Eases Norms for Deep-Tech Startups to Avail Financial Assistance from DSIR

New Delhi – The Centre has recently announced a significant relaxation in the norms for deep-tech startups seeking financial assistance from the Department of Scientific and Industrial Research (DSIR). This move aims to provide a boost to innovative startups in the deep-tech sector.

During the 42nd foundation day celebrations of the DSIR, Union Science and Technology Minister Jitendra Singh revealed that the three-year viability criteria for deep-tech startups to access financial aid of up to Rs 1 crore under the Industrial Research and Development Promotion Program (IRDPP) has been removed. This decision is expected to encourage the growth and sustainability of startups in the deep-tech domain.

Previously, the DSIR offered financial support of up to Rs 1 crore to startups under the IRDPP, provided they demonstrated sustainability and viability for a minimum period of three years. With the elimination of this requirement, deep-tech startups can now access funding without the need for a prolonged track record.

Minister Singh emphasized that this change serves as an incentive for deep-tech startups to scale up quickly, even in their early stages of development. However, he highlighted the importance of maintaining high evaluation standards related to technological maturity to ensure the success of the supported projects.

This development is expected to provide a significant impetus to projects and aspiring innovators and entrepreneurs in the deep-tech space. By removing the three-year existence requirement, the government aims to facilitate early momentum for startups and foster a conducive environment for innovation.

In his address to the audience, Minister Singh mentioned the Rs 1 lakh crore Research, Development, and Innovation (RDI) fund, which has garnered widespread interest nationwide. While this fund primarily targets startups with advanced technological capabilities, various schemes across departments like DST, CSIR, and TDB cater to early-stage innovators and startups.

The decision to relax norms for deep-tech startups reflects the government’s commitment to promoting innovation and entrepreneurship in the country. By offering easier access to financial assistance, the Centre aims to support the growth of the deep-tech sector and nurture a thriving ecosystem for technological advancement.

Overall, this initiative is poised to drive innovation, accelerate startup growth, and contribute to the development of cutting-edge technologies in India’s startup landscape.

Source: PTI