According to Zinnov's estimates, the deep tech enterprises market has developed at a fantastic compound annual growth rate (CAGR) of 44 percent over the last decade, garnering $4.2 billion in funding last year. Adopting deep technology is crucial not only for India's economic success but also for addressing the enormous socioeconomic challenges posed by the country's 1.4 billion people.
If we look at the history, India has cemented its position as a global software services hub, over the past thirty years. This has served as the foundation for the immense growth and evolution of the Indian technology ecosystem, spanning technology startups, Global Capability Centers (GCCs), Indian enterprises, and service companies.
Now let’s dive into some of the critical considerations while devising a robust Deeptech Infrastructure:
Stronger collaborations between Academia and Industry
One of the most important aspects today is the link between academia and industry which is crucial to transition promising research from laboratories to the market. The investor community plays a pivotal role in driving progress, particularly for deep tech startups. Moreover, government policies and regulatory support are imperative for rapidly advancing this expertise. Initiatives like the NIDHI Prayas program and the draft of the National Deep Tech Startup Policy represent steps in the right direction. These initiatives encourage investors to view deep-tech startups as crucial investment areas by offering collaboration opportunities and incentives such as tax breaks. However, areas like data regulation, intellectual property protection, and procurement policies still require alignment to stimulate innovation and adoption.
Catalyzing Innovation and Competitiveness
Deep tech fuels innovation by harnessing scientific research to create revolutionary solutions. India's pursuit of deep tech infrastructure fosters an ecosystem where cutting-edge research intersects with practical applications. This convergence drives innovation across sectors like healthcare, agriculture, manufacturing, and more. Furthermore, it bolsters India's competitiveness on the global stage by positioning it as a hub for groundbreaking technological advancements.
Addressing Societal Challenges
India grapples with multifaceted challenges, ranging from healthcare accessibility to sustainable agriculture and environmental concerns. Here, deep tech can offer bespoke solutions to these issues. For instance, leveraging AI and machine learning in healthcare could democratize quality medical care, especially in rural areas. Advanced agricultural technologies can optimize crop yields, ensuring food security. By investing in deep tech, India can address these challenges efficiently and sustainably.
Economic Growth and Job Creation
Deep tech infrastructure not only drives economic growth but also creates high-value job opportunities. Having said this, establishing research hubs, incubators, and technology parks nurtures a talent pool adept at handling complex technologies. This, in turn, attracts investments, fosters entrepreneurship, and leads to the development of indigenous technologies. Consequently, it propels economic growth and contributes significantly to job creation.
Global Collaboration and Partnerships
A robust deep tech ecosystem in India attracts collaborations and partnerships on a global scale. It encourages knowledge exchange, research collaboration, and technology transfer. Such partnerships amplify the pace of innovation and facilitate the adoption of best practices from around the world. This interconnectedness strengthens India's position in the global technological landscape.
Strategic Independence and Security
Reducing dependence on imported technology is crucial for strategic autonomy and national security. Speaking of which, by building indigenous deep tech capabilities, India can secure its critical infrastructure, protect intellectual property, and ensure data sovereignty. This self-reliance mitigates vulnerabilities associated with relying solely on foreign technology.
Long-term Sustainable Development
Deep tech solutions often emphasize sustainability. Whether it's renewable energy, waste management, or efficient resource allocation, these technologies pave the way for a more sustainable future. This critical investment in deep tech can align India with its commitment to achieving sustainable development goals while mitigating environmental impacts.
Building India's deep tech infrastructure isn't merely an option but an imperative from a global standpoint. Deep tech, characterized by technologies rooted in scientific discoveries and engineering innovations, forms the bedrock of transformative advancements across various sectors. Here's an in-depth exploration of why fostering deep tech infrastructure in India is not just a choice but a critical necessity.
“Science and technology revolutionize our lives, but memory, tradition, and myth frame our response.” - Arthur Schlesinger (Historian). Hence, one should understand leveraging technology should be from a humanely ethical front to drive a sustainable future.