India & Russia Set Up Rs 15 Crore Fund for the Advancement of Technologies

In collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Foundation for Assistance to Small Innovative Enterprises (FASIE), the Department of Science and Technology have initiated a Joint Technology Assessment and Accelerated Commercialization Program. The program will bring together Indian, Russian science and technology and startups to joint R&D for the advancement of technology and for cross-country technology adaptation.

Prof. Ashutosh Sharma, Secretary, Science and Technology Department, Govt of India, spoke at the launch on July 23, 2020, that India and Russia have long-standing bilateral scientific cooperation between them. A further move is taken to improve science, technology and innovation relationship between the two countries by launching the India-Russia Joint Technology Assessment and Accelerated Commercialization Programme. It is an incredibly timely initiative that will help us to harness shared intellectual and financial capital to build technology for the future. He wanted a big success for the program.

Two annual cycles will be carried out with up to five projects to be financed during each cycle. Projects are being explored on  Leading S&T areas are to be explored, including, but not limited to IT & ICT (including AI, AR, VR), Medicine & Pharmaceuticals, Renewable Energy, Aerospace, Alternative Technologies, Environment, New Materials, Biotechnologies, Robotics and Drones. The FICCI will implement the program in India on behalf of DST.