You are here: Home » Current Affairs » News » National
Business Standard

STIP eyes setting up financial authority, bank for funding in key areas

The draft Science and Technology Policy 2020 proposes to establish a national STI financing authority and an STI development bank

science & technology | Science | policy process

Press Trust of India  |  New Delhi 

start up, start up Avishkaar Box,Avishkaar Box, artifical intelligence, robotics, robotics science, science and technomogy,  Atal Tinkering Labs, robots, indian education system
Representational image.

The draft and Technology Policy 2020 proposes to establish a STI Financing Authority and an STI Development Bank that can cater to the long term investments in select strategic areas.

According to the draft, to undertake efficient governing mechanisms for the Science, Technology and Innovation (STI) funding landscape, a STI Financing Authority will be created. The centralised authority will help strengthen financial outlay.

A corpus fund will also be established for investing in various long and medium-term projects, commercial ventures, start-ups, technology diffusion and licensing to address identified priority areas in the STI ecosystem, the policy states.

Besides, central ministries and associated departments lacking dedicated R&D units will establish concerned divisions to augment the overall R&D budget and scope of allocation.

"An STI Development Bank will be created to direct long term investments in select strategic areas," the draft states.

It also proposes to streamline STI financial ecosystem through strengthening and providing greater autonomy to existing funding organisations with the objective of promoting sector specific research along with interdisciplinary and multidisciplinary research.

"Appropriate mechanisms for funding decisions based on accountable peer review and a balanced expert committee composition in terms of experience, age and gender will be strengthened," the policy states.

The incentivisation system will be characterised by efficient governance to ensure ease in accessibility for private players, it adds.

Modification/waiver of General Financial Rules, for large scale mission mode programmes and projects of importance will be explored and a new model for funding, implementation and monitoring of such programmes will be developed, either as an overarching mechanism or through obtaining cabinet approvals in respect of individual programmes.

In addition, certain GFRs will be required to be amended for funding of R&D projects to facilitate ease of doing research.

The policy also proposes formulation of a mechanism for timely disbursal of grants and regular networking and communication among funding agencies. The disbursal of research grants for scientific projects, fellowships to research scholars and stipends to students carrying out advanced research and higher education are crucial measures to ensure excellence in scientific research.

The DST, along with the Office of Principal Scientific Adviser, started the process of formulating the STIP 2020 last year. The policy was to be out by the year-end, but has been slightly delayed due to the coronavirus pandemic.

The draft STIP has been uploaded by the Department of and Technology (DST) on its website. The DST has also invited suggestions, inputs and comments for making changes by January 25.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, January 02 2021. 20:30 IST