Finance Minister Announces Jai Anusandhan Scheme for Tech Research Funding
Minister Jitendra Singh has declared the creation of a fund amounting to Rs 1 lakh crore aimed at fostering innovative startups and cultivating a robust environment for research and entrepreneurship. Additionally, Finance Minister Nirmala Sitharaman has unveiled the Rs 1 lakh crore Jai Anusandhan scheme to support 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.
Minister Jitendra Singh outlined the establishment of a Rs 1 lakh crore fund to encourage innovative startups and foster a conducive environment for research and entrepreneurship in the nation. The initiative includes providing interest-free loans to young entrepreneurs for the expansion of their startups. “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.
A sum of Rs 477 crore was designated for the National Quantum Mission, while Rs 2000 crore was allocated 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 catalyze advancements in space technology, satellite communications, and space exploration, fostering growth and positioning India as a key player in the global space arena".
The finance ministry's January 2024 report, titled "The Indian Economy: A Review", emphasized the burgeoning trends in startups within the country. According to the report, over 114,000 startups officially recognized under the Startup India scheme had generated in excess of 1.2 million jobs by October 2023.
