Union finance minister Nirmala Sitharaman on Thursday announced a ₹1 lakh crore Jai Anusandhan scheme to finance technology research.
“Prime Minister [Lal Bahadur] Shastri gave the slogan of ‘Jai Jawan Jai Kisan’. Prime Minister [Atal Bihari] Vajpayee made that ‘Jai Jawan Jai Kisan Jai Vigyan’. Prime Minister (Narendra) Modi has furthered that to ‘Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan’, as innovation is the foundation of development,” she said in her interim budget speech.
Union minister Jitendra Singh explained that a corpus of ₹1 lakh crore will be set up to promote innovative startups in the country and to establish an ecosystem of research and entrepreneurship. Interest-free loans will be provided to young entrepreneurs to expand their startups under the scheme.
“The interim budget was just a trailer for what the final budget is going to look like, and it is an extension of the approach that Prime Minister Modi has been taking in promoting innovations. The Jai Anusandhan corpus will create a wholesome ecosystem for startups in India. It will support and enable handholding in the early stages of startups,” Singh said.
₹477 crore were allocated for the National Quantum Mission and ₹2000 crore for the Anusandhan National Research Foundation.
Anil Prakash, Satcom Industry Association-India director general, said the allocation of significant funds for research and innovation, coupled with a focus on sunrise sectors, including the space industry, signifies a significant boost. “This financial support will catalyse advancements in space technology, satellite communications, and space exploration, fostering growth and positioning India as a key player in the global space arena.”
{{/usCountry}}Anil Prakash, Satcom Industry Association-India director general, said the allocation of significant funds for research and innovation, coupled with a focus on sunrise sectors, including the space industry, signifies a significant boost. “This financial support will catalyse advancements in space technology, satellite communications, and space exploration, fostering growth and positioning India as a key player in the global space arena.”
{{/usCountry}}The finance ministry’s report titled The Indian Economy: A Review January 2024 highlighted the growing startup trends in the country. The report said that around 114000 government-recognised startups under the Startup India scheme created more than 1.2 million jobs until October 2023.