New Delhi, March 5: India achieved third rank globally in the startup ecosystem in the last decade, reaffirming the government’s commitment to making India a global innovation hub, Union Minister of State (Independent Charge) for Science and Technology, Dr Jitendra Singh, said on Wednesday.
Highlighting the Rs 20,000 crore allocation in Union Budget 2025-26 for research, development and innovation initiative, the Minister said the initiative aims to boost research and innovation in the private sector, with a strong focus on expanding efforts in sunrise industries.
In his remarks at the concluding session of the post-Budget webinar 2025 on “Investing in Innovation”, the Minister emphasised this funding would drive cutting-edge research and technological advancements, particularly in deep-tech sectors.
The announcement builds on the Rs 1 lakh crore corpus introduced in the Budget to accelerate research and development (R&D) in the private sector. Dr Singh underscored that these initiatives would strengthen India’s innovation ecosystem and encourage private sector investments in critical domains like semiconductor manufacturing, artificial intelligence, 5G, and quantum computing.
“India has made significant strides in innovation, with patent grants increasing 17 times since 2014 and our position in the Global Innovation Index rising from 81th to 39th among 133 economies. Today, we rank third globally as a leading contributor to scientific research,” he said.
Recognising the need to nurture world-class research talent, the government has tripled the intake under the Prime Minister’s Research Fellowship (PMRF) Scheme. Originally launched in 2018, the scheme has so far supported 3,688 scholars.
The latest Budget expands its reach to 10,000 fellowships over the next five years, offering more opportunities for young scientists to pursue groundbreaking research at India’s premier institutions.
“The PMRF is not just about financial assistance; it is about fostering an ecosystem where academic excellence and intellectual curiosity thrive,” the Minister added. India’s agricultural security is also receiving a boost with the establishment of a National Enlarged Gene Bank replica.
“India’s National Gene bank is the second largest globally, preserving over 4.7 lakh accessions of 2,147 species, including traditional crops. The new initiative will further safeguard our crop diversity and ensure long-term food security,” Dr Singh said. These initiatives align with the government’s broader vision of ‘Viksit Bharat 2047’, a roadmap for India’s transformation into a developed nation.
IANS