To encourage start-ups, Indian Railways on Monday launched an innovation financing policy and promised to spend Rs 1.5 crore of seed money for innovative technology solutions of the national carrier.
“Indian Railways will follow the ideas through product after proof-of-concept… The annual policy budget will be around Rs 40-50 crore and additional funding for managers of railway departments so that they can find field solutions to problems. Also, it will remain Intellectual property rights with the innovator.
Under the Indian Railways Innovation Policy, the railways will invest in startups so that they can buy innovations directly from the startups. The financing mechanism will be on the basis of cost-sharing in equal proportions, 50:50, by Indian Railways and Innovator.
“Great innovative solutions may emerge and many technological challenges can be solved if startups collaborate with Indian Railways. We have launched an innovation program under Startup India today and pledged 11 common problems to solve,” Vaishnau said, adding that field officials at Railways and the RDSO said District councils and railways will support the innovators.
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Vaishnau said the selection is through an open and transparent process, which will require innovators to upload their concepts with the necessary evidence on a dedicated portal, India Railways Innovation Portal at the web address http://www.innovation.indianrailways.gov.in.