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The Anusandhan Kosh of Rs 1 trillion will provide long-term financing to support research and innovation in sunrise domains, which will create new avenues for India’s tech-savvy youth, finance minister Nirmala Sitharaman said. The fund was announced in the interim Budget for FY25. The Centre is in the process of drawing up a comprehensive scheme to provide concessional capital support to the private sector to encourage it to adopt indigenous deep tech and cutting-edge technologies in defence, energy and electronics. “We are strengthening deep tech, which will help the defence sector become aatmanirbhar. Innovation, research and development are among the key priorities of our government’s policies for making sure India becomes a developed nation by 2047,” Sitharaman said addressing the 11th convocation of the Indian Institute of Science Education and Research (IISER) in Bhopal. Indian research institutions come up with various technologies with their research and development. Some of these technologies may already be available abroad. Normally, Indian firms take tested foreign technology as they don’t explore untested local technology with the same enthusiasm. By giving the concessional window of financing, companies can take the Indian technology for their product development with lesser risk because they could get long-term loans at low or nil rates of interest with a moratorium, etc. Sitharaman said the Centre has allocated a lot of funds for R&D as a technology-led prosperous India is the aim of the government. “We recently approved the ‘India AI Mission’ with a budget outlay of Rs 10,300 crore for building computing infrastructure, developing indigenous AI capabilities, attracting AI talent, and financing AI start-ups,” she said. Similarly, the National Green Hydrogen Mission launched in January 2023, has an outlay of around Rs 20,000 crore for 5 years to make India a global hub for the production, usage and export of Green Hydrogen, she added. None
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