Entrepreneurship Industry News

Good news for startups: India to get up 100 more incubators

The Indian government will invest Rs 200 crore to set up 100 more incubators across the country to support startups in innovations, a top official said on Thursday.

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“As we want to double the number of incubators over the next four years, we will spend Rs 200 crore on setting up 100 more incubators under the National Initiative for Developing and Harnessing Innovations (NIDHI) programme,” science and technology secretary Ashutosh Sharma told reporters at an event in Bengaluru.

The science and technology (S&T) department of the central government has already set up 100 incubators across the country to support startups.

The department has also finalised locations to build five of 50 supercomputers it plans to build this year support research activities.

“Of the five supercomputers, one each will be housed in the Indian Institute of Science (IISc) in Bengaluru, the Indian Institutes of Technology (IIT) at Kharagpur in West Bengal and Kanpur in Uttar Pradesh, the International Institute of Information Technology at Pune in Maharashtra, and Jawaharlal Nehru University in New Delhi,” said Sharma.

The super-computers are being set up across the country under the National Supercomputing Mission at a cost of Rs 4,500 crore over the next seven years.

“We have taken measures to increase investment in science and technology and research and development (R&D) to two per cent of the GSP per annum from one per cent of the GDP,” said Sharma on the margins of a two-day Global R&D Summit 2017, organised by the S&T Department and the Federation of Indian Chambers of Commerce and Industry (Ficci).

Asserting that the government was committed to promote R&D in the country, Sharma said the private sector should contribute more funds to R&D activities.

“The central government contributes two-third of the amount spent on R&D as against one-third by the private sector. It is vice versa in other countries. We want the private sector to invest more funds in R&D activities,” added Sharma.

Read More: factordaily.com