India Redraws Rules For Deep Tech Funding To Spur Innovation
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000India has redefined what qualifies as a deep tech startup and extended eligibility to 20 years, a move aimed at boosting frontier innovation by offering tax incentives and government funding. The Ministry of Commerce and Industry last week spelled out that companies operating in fields such as artificial intelligence, biotechnology, quantum computing and advanced materials, with annual revenue of up to 3 billion rupees ($33.1 million), would qualify as deep tech. Digital platforms and consumer applications that have dominated India’s startup ecosystem and drawn the lion’s share of government funding would not.