The Centre has announced a significant revision in the financial assistance norms for deep-tech startups, easing the three-year viability requirement previously necessaryed to receive funding support. This announcement came during the 42nd anniversary of the Department of Scientific and Industrial Research (DSIR), highlighting the government’s commitment to fostering innovation.
In a statement, Union Science and Technology Minister Jitconcludera Singh emphasized the importance of this modify, stating that the removal of the viability criteria will support startups scale their operations more swiftly. These startups will now have the chance to receive financial backing of up to Rs 1 crore without having to prove three years of sustainability.
Although the modify promotes quicker scaling of startups, Singh highlighted that deep-tech businesses are still expected to adhere to evaluation standards related to technological maturity. The initiative aims to inject momentum into promising projects at their inception while supporting the broader innovation ecosystem.
(With inputs from agencies.)
Leave a Reply