While presenting the Union Budget for the financial year 2024-25, Finance Minister Nirmala Sitharaman laid emphasis on providing impetus to the Anusandhan (Research) National Research Fund.
In the interim budget for FY25, the Centre also announced a Rs 1 lakh crore fund dedicated to research and innovation in the country, adopting the slogan Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhan (Salutations to Soldiers, Salutations to Farmers, Salutations to Science, Salutations to Research).
The finance minister said that India has launched its own National Research Foundation called Anusandhan operationalised by the Department of Science and Technology (under the Anusandhan National Research Foundation Act, 2023 Act).
This foundation would act as an apex body to strengthen and promote the research and development ecosystem.
FM Sitharaman announced that an amount of Rs 1 lakh crore will be disbursed for the purpose.
She stated, "We will set up a mechanism spurring further private sector driven research and innovation at a commercial scale where the financing pool of Rs 1 lakh crore in line with the announcement in the interim budget."
Further, she added that to continue expanding the space economy in the next 10 years, a venture capital fund of Rs 2,000 crore will be set up
During the Budget presentation in the Lok Sabha today, Tuesday, July 23, Finance Minister Nirmala Sitharaman announced several schemes aimed at upskilling the country's youth and research and innovation.
This, thus, marks her seventh consecutive budget presentation.
