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?20,000 crore allocated to DST to kickstart ?1 lakh crore research and development fund

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New Delhi, Feb 1 (PTI) Signalling a commitment to research and development, Union Finance Minister Nirmala Sitharaman on Saturday allocated ₹ 20,000 crore to the Department of Science and Technology as a corpus for a fund to promote private sector-driven innovation.
The Indian government has allocated Rs 20,000 crore to the Department of Science and Technology (DST) to initiate a Rs 1 lakh crore research and development fund aimed at fostering innovation and self-reliance in critical technology areas. This fund, announced by Finance Minister Nirmala Sitharaman during the 2024-25 interim Budget, will be managed by a new entity called the India Science and Technology Innovation Fund (ISTIF), which will operate under a public-private partnership model. The initiative seeks to enhance India's capabilities in deep-tech sectors, with a focus on areas like defense, health, and agriculture. The fund will be disbursed over five years, with the government contributing Rs 1 lakh crore, and the expectation is that this will attract additional investments from private sectors, both domestic and international. The move is part of a broader strategy to boost India's research and development ecosystem, encouraging innovation and reducing dependency on foreign technology.

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