New Delhi, Jun 11 (KNN) Three Indian S&T led SMEs / Start-ups viz. Ananya Technologies Private Limited, Bengaluru; Prantae Solutions Private Limited, Bhubaneswar and Jayon Implants Private Limited, Palakkad have been selected to undertake joint R&D and technology transfer projects under the India-Russia Joint Technology Assessment and Accelerated Commercialization Program.
The program is a joint initiative of the Department of Science & Technology (DST), Government of India, and Foundation for Assistance to Small Innovative Enterprises (FASIE). Federation of Indian Chambers of Commerce & Industry (FICCI) is implementing the program on behalf of the Department of Science & Technology.
The India-Russia Joint Technology Assessment and Accelerated Commercialization Program was launched in July 2020 as a bilateral initiative between India and Russia to foster collaboration in the field of Science, Technology and Innovation. Twenty-three joint proposals were received against the maiden call of the program, out of which three proposals have been selected for funding after a rigorous evaluation process.
According to an official statement fr0m FICCI, the programme will connect Indian, and Russian Science & Technology (S&T) led SMEs and Start-ups for joint R&D for technology development and for cross-country technology adaptation.
The programme will run through two annual cycles with up to five projects to be funded under each cycle. Projects are being sought in leading S&T focus areas, 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.
Over a period of two years, the Department of Science and Technology will fund up to Rs 15 crores to ten Indian SMEs/Start-ups and FASIE will provide similar funding to the Russian projects.
The programme will provide access to partial public funding for jointly selected projects with the participation of at least one start-up/SME fr0m India and one SME fr0m Russia.
The selected projects will be required to bear partial funding as well, either through own funds or alternate sources of funding. In addition to the financial support, the teams will also be supported through capacity building, mentorship and business development.
Prof. Ashutosh Sharma, Secretary, Department of Science and Technology, Government of India mentioned that the India-Russia Joint Technology Assessment and Accelerated Commercialization Programme is in line with Prime Minister’s ‘Atmanirbhar Bharat’ policy.
”The jointly selected projects being funded by the Department of Science & Technology and Foundation for Assistance to Small Innovative Enterprises (FASIE) of the Russian Federation is another step towards strengthening the Science, Technology and Innovation ties between the two countries,” he added.
SK Varshney, Head, International Division, DST asserted that the government support to these projects would be initiated soon after completion of required documentation.
”These projects will provide a new bilateral cooperation between India and Russia – techno-entrepreneurial cooperation and motivate other entrepreneurs to explore common grounds of working together,” he said.