Union Budget 2024: Government announces fund to support basic research and prototype development

The government on Tuesday said it will set up an 'Anusandhan National Research Fund' to support basic research and prototype development in universities, colleges, research institutions, and R&D laboratories. A mechanism to spur private sector-driven research and innovation at commercial scale will also be set up with a financing pool of Rs 1 lakh crore, Union Finance Minister Nirmala Sitharaman said during her budget speech.

Sitharaman said a venture capital fund of Rs 1,000 crore will be set up expanding the space economy by five times in the next 10 years.