India International Times Latest Business News from India
The Department of Science & Technology has launched a new programme ‘National Initiative for Developing & Harnessing Innovations (NIDHI)’ last year which covers the entire value chain of innovations starting from idea to commercialization.
To promote innovation focused start-ups some of the key initiatives taken by the government are:
1. National Institution for Transforming India (NITI) Aayog is implementing Atal Innovation Mission (AIM) for promoting Incubators and Tinkering Labs.
2. Ministry of Human Resource Development (MHRD) and Department of Science and Technology (DST) have joined hands to promote Research Parks in the country.
3. Department of Industrial Policy and Promotion (DIPP) in association with Small Industries Development Bank of India (SIDBI) has set up a Rs.10,000 crore Fund to invest in Venture Capital Funds to promote innovations and start-ups.
4. Ministry of Micro Small and Medium Industries has a programme to setup incubators in the Agriculture sector, under the ASPIRE (‘A Scheme For Promoting Innovation, Rural Industry & Entrepreneurship’) programme.
5. Department of Bio-Technology has a programme to promote incubators in the Bio-tech sector under the Biotechnology Industry Research Assistance Council (BIRAC) programme.
6. MHRD has also launched a Smart India Hackathon for involving Engineering students to provide solutions to problems faced by Government Departments.
In short there is a concerted effort by the government to promote innovation for addressing the problems and challenges faced by the country.
This information was given by Minister of State for Ministry of Science & Technology and Ministry of Earth Sciences Shri Y.S.Chowdary in a written reply to a question in Lok Sabha today.
