Sitharaman announces JAI Research Scheme to fund technological Research

Sitharaman announces JAI Research Scheme to fund technological Research 

Union  Minister Jitendra Singh said a fund of ₹1 lakh crore will be set up to promote innovative startups and establish an ecosystem of research and entrepreneurship.

Union Finance Minister Nirmala Sitharaman on Thursday announced the ₹1 lakh crore JAI Research Scheme to finance technology research.

“Prime Minister [Lal Bahadur] Shastri gave the slogan ‘Jai Jawan Jai Kisan’. Prime Minister [Atal Bihari] Vajpayee said that 'Jai Jawan, Jai Kisan, Jai Vigyan'. Prime Minister (Narendra) Modi has taken it forward to 'Jai Jawan, Jai Kisan, Jai Vigyan and Jai Anushandhan, because innovation is the foundation of development,'' he said in his interim budget speech.

Union Minister Jitendra Singh informed that a fund of ₹1 lakh crore will be set up to promote innovative startups in the country and establish an ecosystem of research and entrepreneurship. Under the scheme, interest-free loans will be provided to young entrepreneurs to expand their startup.

“The interim budget was just a trailer of what the final budget is going to look like, and it is an extension of the approach that Prime Minister Modi is taking to promote innovations. Jai Research Fund will create a complete ecosystem for startups in India. This will provide support and assistance in the early stages of startups,” Singh Said

₹477 crore was allocated for the National Quantum Mission and ₹2000 crore for the National Research Foundation.

Anil Prakash, Director General, Satcom Industry Association-India, said the allocation of significant funds for research and innovation, with a focus on emerging sectors including the space industry, provides a significant boost. “This financial assistance will catalyze advancements in space technology, satellite communications and space exploration, boost growth and position India as a major player in the global space sector.”

The Finance Ministry report titled The Indian Economy: A Review January 2024 highlighted the growing startup trends in the country. The report said that around 114000 startups recognized by the government under the Startup India scheme created more than 1.2 million jobs by October 2023.