Centre to launch the Digital India Innovation Fund for catalyzing deep tech start-ups

Tags: Science and Technology National News

Minister of State for Electronics and IT, Rajeev Chandrasekhar on 30th December 2022 said that the central government is going to launch a Digital India Innovation Fund that will support deep-tech startups.

What is Deeptech?

• Technology that is based on tangible engineering innovation or scientific advances and discoveries are known as Deep tech. 

• It is a term used to describe technologically based companies or enterprises that develop innovative solutions and approaches to address major societal challenges such as climate change, food production, chronic diseases, waste recycling and others.

• As for the technologies, deep tech involves the vast utilization of advanced solutions, including Artificial intelligence & Machine learning, Big data, Nanotechnologies, Blockchain, Quantum computing, Robotics etc.

India’s Deeptech ecosystem

• India's deep-tech ecosystem has grown by 53% in the last decade and is now at par with developed economies such as the US, China, Israel and Europe.

• From drone delivery and cold chain management to climate action and clean energy, deep-tech start-ups are making their presence felt in all sectors.

• Bengaluru accounts for 25-30% of India's deep-tech start-ups, followed by Delhi-NCR (15-20%) and Mumbai (10-12%).