Rs 20,000 Crore Investment to Position India as a Global Innovation Leader: Minister

New Delhi, March 5 (NationPress) India has secured the third position globally in the startup ecosystem over the past decade, reaffirming the government's dedication to transforming India into a global innovation hub, stated Union Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh, on Wednesday.

Highlighting the Rs 20,000 crore allocation in the Union Budget 2025-26 aimed at fostering research, development, and innovation, the Minister noted that this initiative seeks to enhance research and innovation within the private sector, particularly focusing on emerging industries.

During the concluding session of the post-budget webinar 2025 titled “Investing in Innovation”, the Minister highlighted that this funding would facilitate cutting-edge research and technological breakthroughs, especially in deep-tech fields.

This announcement builds upon the Rs 1 lakh crore fund introduced in the previous budget to accelerate research and development (R&D) within the private sector.

Dr. Singh emphasized that these initiatives will fortify India’s innovation ecosystem and promote private sector investments in critical areas such as semiconductor manufacturing, artificial intelligence, 5G, and quantum computing.

“India has made remarkable progress in innovation, with patent grants soaring 17 times since 2014 and our ranking in the Global Innovation Index improving from 81st to 39th among 133 economies. Today, we stand third globally as a key contributor to scientific research,” Dr. Singh remarked.

Recognizing the importance of cultivating world-class research talent, the government has tripled the enrollment under the Prime Minister’s Research Fellowship (PMRF) Scheme.

Launched in 2018, the scheme has thus far supported 3,688 scholars. The latest budget aims to broaden its reach to 10,000 fellowships over the next five years, providing greater opportunities for young researchers to conduct pioneering research at India’s leading institutions.

“The PMRF is not merely about financial support; it is about nurturing an environment where academic excellence and intellectual curiosity flourish,” the Minister added.

India’s agricultural security is also being enhanced with the establishment of a National Enlarged Gene Bank Replica. “India’s National Gene Bank is the second largest worldwide, preserving over 4.7 lakh accessions of 2,147 species, including traditional crops. This new initiative will further protect our crop diversity and ensure long-term food security,” Dr. Singh explained.

These initiatives align with the government's broader vision of ‘Viksit Bharat 2047’, a roadmap for India’s evolution into a developed nation.