The government has embarked upon an ambitious project of doubling incubation centres in next 4-5 years to give innovation a boost.
The Ministry of Science and Technology has also increased by a whooping 450 percent the budget for the start ups and innovation centric initiatives from Rs 40 crore to Rs 180 crores.
Currently, there are nearly 100 incubation centres across the country in various IITs, IIMs, NITs and other institutes. These incubators focused on a technology domain and collectively housed more than 2000 start ups.
“We plant to double it in the next 4-5 years. This year alone we are adding 20 more incubators,” said Ashutosh Sharma, Secretary Department of Science and Technology (DST) under the Ministry of S&T.
Union Minister of S&T Harsh Vardhan said start ups would now be given a fund of Rs 1 crore as against the earlier Rs 10 lakh.
“Plus, the government will now also act as a facilitator to these start ups apart from giving them any funding. To give start ups a boost, the government has increased funding to these incubators from Rs 40 crore to Rs 180 crore,” he said.
Apart from setting the ground ready for the prospective start ups, the DST has also partnered with corporates like Intel, Lockheed Martin and Boeing to initiate variety of technology-driven and innovation-based programmes.
Further the DST has also partnered with Department of Higher Education of the HRD Ministry to establish research parks and Start Up centres in various academic institutions of national importance.
The government has already launched National Initiative for Developing and Harnessing Innovations (NIDHI), an umbrella programme conceived and developed by the Innovation & Entrepreneurship division of DTS, for nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups.
The programme would work in line with the national priorities and goals and its focus would be to build an innovation driven entrepreneurial ecosystem with an objective of socioeconomic development through wealth and job creation.