The government has expanded the scope of startup definition to include deep tech startups with a recognition period of up to 20 years and a turnover limit of Rs 300 crore.In a gazette notification from the Department for Promotion of Industry and Internal Trade (DPIIT) said, “in the case of an entity recognised as a Deep Tech Startup under this notification, such entity shall cease to be a Deep Tech Startup on completion of twenty years from the date of its incorporation or registration, or if its turnover for any previous year exceeds three hundred crore rupees.”This notification comes into immediate effect, but for the non-deep tech startup, the categorisation remains the same, i.e., for a period of 10 years anda turnover limit of Rs 200 crore.The definition of deep tech, according to the government, is that it is working on producing a solution based on new knowledge/advancements within a scientific or engineering discipline or multiple disciplines, which is yet to be developed or is in the process of being developed. It has a high percentage of expenditure on research and development (R&D) activities as a percentage of revenue/funding. It owns or is in the process of creating significant novel… Read MoreYourStory RSS Feed
