Budget’s Plans For Deep Tech and Research Funding

Context: 

Recently, the Finance Minister has announced the launch of a new scheme to strengthen deep tech capabilities in the defence sector.

What is Deep Tech?

• Deep tech refers to advanced and groundbreaking technologies that are still in the process of being developed. 
  • These technologies have the potential to bring about significant changes and offer solutions for the future.
• It includes cutting-edge research in areas like Nanotechnology, Biotechnology, Material Sciences, Quantum Technologies, Semiconductors, Artificial Intelligence, Data Sciences, Robotics, and 3D Printing.

Features of Deep Tech

• Complexity: Deep tech uses complicated technologies and other scientific principles. 
• Time & Scale: Deep technology requires more time than shallow technology development such as mobile apps and websites. The development of AI took decades but still, it is not perfect. 

Benefits of Deep Tech

• Mitigation of global Challenges: Advanced technologies can address global challenges like climate change, hunger, epidemics, energy access, transportation, and cybersecurity.
• Growth of Economy: These technologies can boost productivity, drive economic growth, and create jobs in the future.
• Competitive Edge: Countries with a strong foundation in Technological areas may gain a competitive edge.

Challenges For Deep Tech

• Inadequate Funding: Deep tech projects are very  time-consuming and money-intensive therefore it requires large funding. 
• Complexity of Data: These advanced tech projects use deep learning algorithms that rely on high-quality and complex data. Managing, labelling, and acquiring such data can be very tough. 
• Time constraints: Converting new scientific findings into products that people can buy usually takes more time than regular innovations which require careful planning over a long period of time. 

Impacts of Deep Tech

• Market Disruption: Deep tech can bring radical changes in the market and thus can disrupt existing marketplaces, leading to changes in the economic condition of the economy, society, and lives. 
• Capital: Research and developmental activities, prototyping, validating hypotheses, and technology development  in deep tech require a lot of early-stage funding which will increase the capital expenditure of the economy. 

Indian Government Initiative

• National Deep Tech Startup Policy (NDTSP): It aims to include long-term funding opportunities, simplified intellectual property rights, tax incentives, a supportive regulatory framework and collaboration between industry, research centres, and educational institutions.

News Source: Indianexpress

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