New Delhi, 6 July (IANS). The government has launched the Research Development and Innovation Scheme to encourage private companies to invest in such high -risk sectors, in which they have been hesitant to enter. This statement was made by a senior government official.
Speaking to NDTV Profit, Secretary, Department of Science and Technology, Abhay Karandikar said, “The fund will invest in private sector research and development, including corporates, industry and deep tech startups.”
Karandikar said that under this scheme, financeing will be given through a combination of concessional loans, equity or both and companies are expected to bear half of the project cost, while the remaining amount will be borne by the fund.
The Union Cabinet on Tuesday approved the Research Development and Innovation Scheme with a outlay of Rs 1 lakh crore, which aims to strengthen India’s research and innovation ecosystem.
The scheme will also help in overcoming the challenges faced in funding the private sector, as well as providing growth and risk capital to emerging and strategic sectors.
Abhay Karandikar reported that energy transition and climate technology, robotics, drones, space technology, bio technology, synthetic biology, AI application and digital economy are included in the emerging and approved emerging and approved emerging and strategic fields.
He further stated that the operational framework for the fund is being finalized and will be implemented in a few months.
In addition, to remove India’s dependence on rare economy from China, Karandikar said that researchers are working on indigenous options including rare economy like synchronous Relations Motors.
-IANS
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