New Delhi, Jan 5 (PTI) The Centre on Sunday relaxed the norms for deep-tech startups to avail financial assistance from the Department of Scientific and Industrial Research.
At the 42nd foundation day celebrations of the DSIR, the Union Science and Technology Minister Jitendra Singh announced the removal of the three-year viability criteria for deep-tech startups to avail financial assistance of up to Rs 1 crore under the Industrial Research and Development Promotion Program (IRDPP) of the department.
The DSIR extends financial assistance up to Rs 1 crore to startups under its IRDPP only if they prove to be sustainable and viable for a minimum period of three years.
Describing the move as an incentive to accelerate and sustain startups, Singh said, “The removal of the three-year existence requirement is a significant incentive to help deep-tech startups scale faster, even before they are fully on their own.” However, the startups will have to maintain appropriate evaluation standards linked to technological maturity, he said.
The move is expected to provide early momentum to projects as well as promising innovators and entrepreneurs.
Addressing the gathering, the minister said that while the Rs 1 lakh crore Research, Development and Innovation (RDI) fund has generated unprecedented enthusiasm across the country, it is designed to support startups that have achieved a certain level of technological maturity.
“For early-stage innovators or startups, a wide basket of schemes already exists across departments such as DST, CSIR, TDB (Technology Development Board) and others. PTI SKU SHS SHS
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