NEW DELHI: The government on Sunday announced a major relaxation of the mandatory three-year existence condition for deep-tech startups to avail recognition under the DSIR’s Industrial Research and Development Promotion Programme.
The move, aimed at accelerating India’s startup ecosystem, is expected to provide early momentum to early starters or beginners of StartUp projects as well as promising innovators and entrepreneurs,
said Union Minister Jitendra Singh at the 42nd Foundation Day of the Department of Scientific and Industrial Research.
Addressing the gathering, the minister said while the Rs 1 lakh crore Research, Development and Innovation Fund has generated unprecedented enthusiasm across the country, it is designed to support startups that have graduated to 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 and others.
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,” he said, adding that the reform reflects the government’s trust in India’s innovators and its confidence in their sustainability and intent.
Singh explained the CSIR has been extending financial assistance to startups earlier as well, including loans of varying amounts, in some cases up to Rs 1 crore, but these were subject to a mandatory condition of demonstrating sustainability and viability through a minimum threeyear existence.
“That requirement has now been done away with,” he said.