Centre launches innovation policy to bring technological developments in Railways
New Delhi: The Union government on Thursday launched an ‘innovation policy’ to bring in technological developments in the Indian Railway, people familiar with the development said, adding that the policy will engage innovators, startups and entrepreneurs to work with the railways.
“This is the first time that the Indian Railway is coming up with such a policy with the aim to give new innovative ideas that will help it to develop technologically,” a railways official said. “We had gathered necessary vital inputs from all areas. This policy will help in cutting down old and long procedure and help in getting new brains to the railways and the country at large.”
“The policy document lays down a broad framework for engagement of the ministry of railways with innovators for development of technology, products and need-based solutions for railways,” a letter sent all general managers on Thursday said.
“Complete process of selection of innovation partners will be executed online in an open, fair and transparent manner through a dedicated portal, which is likely to be activated by the end of April,” another official close to the development said, requesting anonymity.
“The policy provides an enabling framework for encouraging Indian innovators, startups, entrepreneurs, micro small and medium enterprises (MSMEs), research and development (R&D) institutions, and technology developers to engage with Indian Railways for development of innovative technological solutions,” the official added.
As per the policy, entrepreneurs/innovators will be given financial support as project grants. “Railways will be bearing 50% of the total project cost. It will be a great boost to new entrepreneurs. Moreover, once approved, the innovator will have high chances of being awarded with more contracts,” another official said.