New Delhi, March 18 : The Centre will soon have a new policy to nurture and empower the deeptech startup ecosystem in the country, Rajesh Kumar Singh, Secretary, Ministry of Commerce and Industry, said on Monday. Speaking at the ‘Startup Mahakumbh’ event in the national Capital, Rajesh Kumar Singh said that the deeptech startup policy is in the final stages of inter-ministerial discussions.

“We hope to bring it forward soon. We will hopefully move towards creating a dedicated fund of funds,” he told the gathering, adding that the country will soon see a separate window for deeptech startups. More than 34 deeptech startups are showcasing their innovations at the Nasscom pavilion at the ‘Startup Mahakumbh’. Indian IT Service Industry Expected To Improve 2% in Nine Months in Current Fiscal Year but Remain Modest 3% to 5% Revenue Growth in FY25, Says ICRA.

The event will facilitate insightful discussions across sectors including Artificial Intelligence and software-as-a-service (SaaS), D2C/consumer brands, agritech, fintech, deeptech, biotech and pharma, incubators, climate tech, E-sports, and B2B manufacturing. BetterPlace: Uttar Pradesh Government To Make Over Lakh Frontline Workers Job-Ready by 2025 With Asia’s Largest SaaS and Horizontal Platform.

India remains the third-largest tech startup ecosystem globally, with over 950 tech startups founded last year. According to a latest report by Nasscom, in collaboration with Zinnov, investments in deeptech will continue to see an upward trend in 2024. With Generative AI (GenAI) acceleration, 70 per cent of startup founders are embedding AI in their solutions.

(The above story first appeared on LatestLY on Mar 18, 2024 02:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).