Union Budget 2024: Major Announcements on Research, Innovation, and Development
New Delhi, 23 July 2024: In the Union Budget 2024-25 presented today, Finance Minister Nirmala Sitharaman outlined significant initiatives aimed at advancing research, innovation, and development in India. These measures are designed to enhance the country’s capabilities in basic research, prototype development, and commercial-scale innovation.
Key Announcements:
1. Anusandhan National Research Fund:
– The government will operationalize the Anusandhan National Research Fund to support basic research and prototype development. This initiative aims to provide a robust funding mechanism to promote scientific and technological advancements, encouraging researchers and innovators to undertake groundbreaking projects.
2. Private-Sector-Driven Research and Innovation:
– A mechanism will be established to spur private-sector-driven research and innovation at a commercial scale. This mechanism will be backed by a substantial financing pool of ₹1 lakh crore. The aim is to foster collaboration between the private sector and research institutions, driving commercial-scale innovations and bringing research findings to market more effectively.
Space Economy Expansion:
– The government announced an ambitious plan to expand India’s space economy by five times over the next ten years. This expansion will be supported by a venture capital fund of ₹1,000 crore. The fund is intended to stimulate investments in space technology startups and ventures, positioning India as a significant player in the global space economy.
