In a significant move towards fostering innovation and research in India, Union Finance Minister Nirmala Sitharaman announced the Jai Anusandhan scheme during her interim budget speech. The scheme, backed by a corpus of ₹1 lakh crore, is aimed at financing technology research and promoting innovative startups in the country.

Sitharaman emphasized the importance of innovation as the foundation of development, aligning it with the visionary slogans introduced by past Prime Ministers. The Jai Anusandhan scheme expands on the existing framework of ‘Jai Jawan Jai Kisan Jai Vigyan’ by incorporating ‘Jai Anusandhan’ to signify the pivotal role of research and innovation in India’s growth trajectory.

Union Minister Jitendra Singh provided insights into the scheme, highlighting its focus on establishing a robust ecosystem for research and entrepreneurship. The corpus of ₹1 lakh crore is expected to facilitate the growth of innovative startups, offering interest-free loans to young entrepreneurs to expand their ventures.

Singh emphasized that the interim budget serves as a preview for the forthcoming final budget, showcasing Prime Minister Narendra Modi’s continued commitment to promoting innovation. The Jai Anusandhan corpus aims to create a comprehensive ecosystem that supports startups, offering crucial handholding during their early stages.

As part of the scheme, significant allocations were made for key initiatives. ₹477 crore were earmarked for the National Quantum Mission, reflecting a strategic focus on cutting-edge technologies. Additionally, ₹2000 crore was allocated for the Anusandhan National Research Foundation, further emphasizing the government’s commitment to advancing research and development across sectors.

Anil Prakash, Director General of Satcom Industry Association-India, commended the government’s allocation of substantial funds for research and innovation. He highlighted the positive impact this financial support would have on sectors like space technology, satellite communications, and space exploration. The investment is expected to catalyze advancements, positioning India as a key player in the global space arena.

The move aligns with the growing trends in startups in India, as highlighted in the finance ministry’s report titled “The Indian Economy: A Review January 2024.” The report noted the presence of over 114,000 government-recognized startups under the Startup India scheme, contributing to the creation of more than 1.2 million jobs until October 2023.

In conclusion, the Jai Anusandhan scheme signifies a major step towards nurturing a culture of innovation and research in India. The substantial financial commitment, coupled with a strategic focus on emerging technologies, is expected to propel the country towards becoming a leader in innovation on the global stage.

By : Kruthiga V S

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