Government Launches Startups For Railways, To Give Rs 1.5 Cr For Tech Ideas And Innovation

Picture Credit: Twitter/ Ministry of Railways, Pixabay

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Government Launches 'Startups For Railways,' To Give Rs 1.5 Cr For Tech Ideas And Innovation

The Indian Railways on Monday launched a scheme called ‘Startups For Railways’ to provide funds of ₹1.5 Cr for innovative technological solutions. The national transporter has taken up this initiative to encourage startups nationwide.

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To encourage startups, the Indian Railways on Monday launched 'Startups For Railways' to provide seed funds of ₹1.5 crores to innovative technological solutions. The innovation fund will be granted directly to the Indian Railway Innovation Policy startups. The Intellectual Property Rights (IPR) will remain with the innovator.

The funding apparatus will be on a cost-sharing basis in 50:50 equal proportion for innovators and the Indian Railways. The government plans to keep the scheme's annual budget at around ₹40-50 crore, which can increase depending on the innovation.

Railway Minister Ashwini Vaishnaw said, "Indian Railways will follow the ideas through to the product after proof of concept…The annual budget for the policy will be around ₹40-50 crore, and an additional fund for the divisional railway managers to find on-field solutions to the problems. Furthermore, the IPR will remain with the innovator," TIE reported.

Transparent And Open Process

The innovation selection will be conducted through a transparent and open process on the Indian Railway Innovation Portal. The innovators must upload their project on the web portal with supporting proof and documents. The government has taken the initiative to promote startup culture nationwide through innovation.

"Great innovative solutions may churn out, and numerous technological challenges can be resolved if startups collaborate with Indian Railways. We have launched an innovation programme under Startup India today and have undertaken 11 common problems to resolve," the minister added.

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