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The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the implementation of the 'Prime Minister's Research Fellows' (PMRF) scheme with an outlay of Rs 1,650 crore for seven years beginning 2018-19.
As per an official release, realising the Prime Minister's vision of development through innovation is its objective, which was announced in the 2018-19 Budget proposals.
The Prime Minister has emphasised the importance of innovation and technology for the country's development, it said.
"Under the scheme, best students who have completed or are in the final year of B.Tech or Integrated M.Tech or M.Sc. in Science and Technology streams from IISc/IITs/NITs/IISERs/IIITs will be offered direct admissions in Ph.D. programmes in the IITs/IISc."
"Students shortlisted through a selection process, as laid down in the PMRF guidelines, will be offered monthly fellowship of Rs 70,000 for the first two years, Rs 75,000 per month for the 3rd year, and Rs 80,000 per month in the 4th and 5th years," the release added.
The scheme is aimed at tapping the national talent pool for indigenous research in cutting-edge science and technology domains.
The research under the scheme will address the national priorities as also shortage of quality faculty in India's premier educational institutions.
A research grant of Rs 2 lakh will be provided to each fellow for five years to cover foreign travel expenses for presenting research papers in international conferences and seminars.
A maximum of 3,000 fellows would be selected in three years beginning 2018-19.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)