IISc, five IITs to get financial assistance for establishment of research parks

The Indian Institute of Science (IISc), Bengaluru, and five of the 23 Indian Institutes of Technology (IITs) will soon get financial assistance from the Centre for the establishment of state-of-art research parks.

The Expenditure Finance Committee (EFC) under the Finance Ministry has cleared the Human Resource Development (HRD) Ministry's proposal to set up a total of six new research parks with one at the IISc and other five at the IIT-Hyderabad, IIT-Delhi, IIT-Gandhinagar, IIT-Kanpur and IIT-Guwahati.

“The proposal has been cleared by the EFC,” official sources told DH.
As per the HRD Ministry's proposal, each of the six premier science and technology institutes will get Rs 75 crore for establishment of the research park. The proposed research park will facilitate the undertaking of research and development projects in association with the industry.

 “These research park will provide an eco-system for undertaking R&D projects by industry. They will provide them with all facilities for R&D projects on demand. These research parks will also play the role of incubators for innovative start up projects,” official sources added.

The EFC approval to the establishment of six new research parks at country's premier science and technology institutes have come following the Centre's special focus on giving a boost to research and innovation in the country.

“Proposal for establishment of these research parks does not require the Cabinet's clearance. It can be executed by the Ministry,” sources said when asked if the Ministry's proposal require the approval of the Union Cabinet as well.