In a landmark move applauded by the scientific community, Finance Minister Nirmala Sitharaman unveiled a visionary plan in the interim budget aimed at fostering long-term funding for research and innovation. This announcement, coming months ahead of the Lok Sabha elections, signals a significant commitment to bolstering India’s scientific and technological landscape.
Dr. Abhay Karandikar, Secretary of the Department of Science and Technology, hailed the announcement as a much-needed initiative, emphasizing the crucial role of patient capital in supporting deep-tech startups. He expressed optimism that this infusion of funds will invigorate the science, technology, and innovation ecosystem, paving the way for India to achieve developed nation status by 2047.
While the specific details regarding the anchoring of the new corpus remain undisclosed, Sitharaman underscored the importance of research and innovation in driving growth, employment, and development. Drawing parallels to the iconic slogans of past leaders, she highlighted the government’s commitment to advancing the mantra of “Jai Jawan, Jai Kisan, Jai Vigyan, and Jai Anusandhan,” with a renewed focus on innovation as the cornerstone of development.
Addressing the aspirations of the nation’s tech-savvy youth, Sitharaman announced the establishment of a corpus of Rs 1 lakh crore through a 50-year interest-free loan. This historic corpus aims to provide long-term financing or refinancing with favorable terms to incentivize the private sector to scale up research and innovation efforts, particularly in sunrise domains. The minister also unveiled plans for a new scheme dedicated to strengthening deep-tech technologies for defense purposes, furthering the nation’s self-reliance agenda.
Union Minister of State for Science and Technology, Jitendra Singh, lauded the budgetary provisions as a testament to Prime Minister Modi’s commitment to harnessing science and technology for national development. He emphasized the transformative potential of the corpus allocation, which includes provisions for deep-tech startups in defense and bio-manufacturing schemes to bolster the bio-economy.
The announcement builds upon the momentum of recent initiatives in India’s science and technology landscape, including the establishment of the Anusandhan National Research Foundation. With a projected outlay of Rs 50,000 crore, this foundation aims to provide strategic direction to scientific research in alignment with the National Education Policy (NEP). Union Science Minister Dr. Jitendra Singh hailed the foundation as a pivotal step towards shaping India’s scientific prowess and propelling the nation into the league of developed nations by 2047.
As India embarks on this transformative journey, the Budget’s historic allocation for scientific research underscores the government’s unwavering commitment to fostering innovation, driving economic growth, and securing India’s position as a global leader in science and technology.
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