Government plans to pay more attention to science and technology for common man. Ministry of Science and Technology, Ministry of Finance and the Principal Scientific Advisor to the Government have identified a few amazing S&T innovations and the Government has decided to fund organizations that will scale up and make these products available to the people. Presenting the Budget 2013-14 in Lok Sabha today, the Finance Minister Sh. P. Chidambaram proposed to set apart Rs. 2,000 crore and asked the National Innovation Council to formulate a scheme for the management and application of the fund.

The Minister said that despite constraints, an enhanced allocation of Rs. 6,275 crores to the Ministry of Science and Technology, Rs. 5,615 crore to the Department of Space and Rs. 5,880 crore to the Department of Atomic Energy has been made.

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(Release ID :92724)

Science and technology innovation fund to scale up products, with a national council tasked to design management and application scheme. The Government announces a dedicated science and technology innovation fund to support organisations scaling up identified S&T innovations and making products available to the public. The National Innovation Council is designated to formulate a scheme for the fund's management and application, establishing the procedural and governance framework for disbursal and oversight. The announcement is accompanied by enhanced budgetary allocations to relevant science and technology departments to complement the fund.