India Eyes Broader Startup Definition to Boost Deep-Tech Innovation

• India is considering expanding its startup definition to include AI, deep-tech, and cooperatives, aiming to foster innovation in these sectors.
• The expanded definition would make more companies eligible for benefits under various government schemes, incentivizing innovation.
• The Startup India action plan, launched in 2016, supports startups through schemes like Fund of Funds, Seed Fund, and Credit Guarantee.
• DPIIT Secretary Amardeep Singh Bhatia noted a significant increase in startups from 400 in 2016 to over 2 lakh, with private funding outpacing government schemes.
• The DPIIT is connecting R&D labs with the startup ecosystem and facilitating 75 grand challenges sponsored by corporate houses to promote deep-tech.

Why It Matters: India plans to broaden its startup definition to drive deep-tech innovation and enhance support for emerging companies.