Union Budget 2024 | Centre announces fund to support basic research and prototype development

New Delhi: The government on Tuesday said it will set up an 'Anusandhan National Research Fund' to support basic research and prototype development in universities, colleges, research institutions, and R&D laboratories.

A mechanism to spur private sector-driven research and innovation at commercial scale will also be set up with a financing pool of Rs 1 lakh crore, Union Finance Minister Nirmala Sitharaman said during her budget speech.

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Sitharaman said a venture capital fund of Rs 1,000 crore will be set up expanding the space economy by five times in the next 10 years.

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.