Wrong Diagnosis, Right Fund: What India's DeepTech Debate Is Missing
Part I: Beyond Categories, Towards Capabilities On July 2, 2026, at the launch of the AI Council of India in Mumbai, senior economist and policy adviser Neelkanth Mishra said that India's ₹1 lakh crore Research, Development and Innovation (RDI) Fund has struggled to identify enough deserving DeepTech startups to absorb capital at the scale originally envisaged. He says that India's DeepTech ecosystem remains immature, and the venture-capital community has yet to develop the expertise needed to evaluate and finance frontier technologies. His observation is correct on its own narrow terms — and that is precisely the problem. As a description of the startup-financing pipeline, this is accurate. As a diagnosis of India's innovation capacity, it mistakes a symptom for the disease. A shortage of investable DeepTech startups is not evidence that India lacks deserving projects, or even deserving institutions. It is evidence that we have let one financing category — startups — stan...