New Delhi: India has set up a Rs.10 billion ($250 million) mission to help scientists do research in nano-technology and innovate new products in fields like healthcare, textiles and drug development, an official said Friday.

"We have set up a mission to boost nano-technology in the country. The fund will be utilised over a period of five years," Science Secretary T. Ramasami said Friday on the sidelines of an event on nano-technology at the Federation of Indian Chambers of Commerce and Industry (FICCI).

Under the mission, the government would provide Rs.5 million as grant for the start-up of nano research projects.

"This would encourage research efforts and commercialisation of technologies. A suitable candidate can avail monetary support up to Rs.15 million," Ramasami told IANS.

Ramasami said the mission is a brainchild of C.N.R. Rao, chairman, science advisory council to Prime Minister Manmohan Singh.

He said so far no one has availed the fund. "But we have short listed three to four scientists for financial support initially."

According to FICCI, India has over 30 nano-technology start-ups and approximately 50 research institutes engaged in nano-technology research and development.

Product development efforts in India are predominantly directed towards chip design and development, nano-medicine and nano-materials.

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