The Indian government has announced a major initiative to support research and innovation in the country, with a provision of Rs. 1 lakh crore over a period of time. This fund will be provided to financial institutions under the government ambit, who will then finance or refinance projects under long tenors and at concessional rates of interest.
The aim of this initiative is to foster a culture of innovation and entrepreneurship in India, and to enable the development of cutting-edge technologies and solutions in various domains. The fund will also help India achieve its targets of becoming a $5 trillion economy by 2024, and a global leader in science and technology by 2030.
The fund will be allocated to projects in the so-called sunrise sectors, which are the emerging and high-potential sectors that can drive economic growth and social development. These sectors include biotechnology, nanotechnology, artificial intelligence, robotics, renewable energy, electric mobility, space exploration, and more.
The identification of these sectors will be done through a stakeholder consultation process, involving experts from academia, industry, and government. The consultation process will also ensure that the fund is aligned with the national priorities and the global challenges.
The fund will be administered by a dedicated agency, which will be responsible for screening, approving, and monitoring the projects. The agency will also facilitate collaboration and coordination among the various stakeholders, and provide mentoring and guidance to the innovators.
The fund is expected to create a positive impact on the Indian economy and society, by generating employment, enhancing productivity, improving quality of life, and solving problems. The fund will also inspire and empower the young and talented minds of India, who have the potential to transform the world with their ideas and innovations.
