The government will soon initiate a new scheme to have a network of academic and scientific institutions to inculcate innovation in young minds and to fund start ups across India.
The new scheme — to be named the Atal Innovation Mission after former PM Atal Bihari Vajpayee — will provide funds to a network of institutions to conduct research on innovations that can improve economic growth and job creation. The mission will also provide inputs to all central ministries on innovation and suggest a funding mechanism for result-oriented research, officials said.
“Young Indians will have to be the focal point of these innovation projects,” said a senior official of the National Institution for Transforming India (Niti) Aayog, which has been asked by the Prime Minister’s Office to formulate the new scheme. “Providing money to take innovation to market will be the scheme’s key driver”.
In the budget for 2014-15, Rs 150 crore was allotted for the innovation mission, which will replace the National Innovation Council, a significant difference between the two will be the powers to disburse funds
“The idea is to create a mechanism for exchange of ideas on which research could be conducted by domestic research institutes with positive results,” an official said.