- Government of India is leveraging the research potential of the Indian Institutes of Technology (IITs) to meet industry demands for innovative solutions for the “Make in India” initiative.
- It has created a corpus of Rs 250 crore annually with an aim of giving an impetus to the ‘Make In India’ campaign on a condition that the research has to have a ‘clearly defined outcome’.
- The scheme would initially be limited to the IITs and could be expanded to the other centrally-funded technical institutes.
The proposal will have to abide by a specific timeframe and projects worth Rs 500 crore and above will be taken up by the IITs, where the industry could chip in with 25 per cent of the project cost and a matching contribution could come from the Department of Science and Technology, the official elaborated.
Source: The New Indian Express