Flagship scheme 'Elevate Program' is offering incubation funding and assisting entrepreneurs to commercialize apart from extending financial incentives
At the ‘Bengaluru India Nano Summit 2022’ with a session on ‘Focus on Funding’, Dr Sangeeta Semwal, a scientist at the Ministry of Electronics and IT mentioned that by the end of 2025, the demand of semiconductors are likely to escalate at a compound annual growth rate of 30 percent. As the demand for the same is rising every year, there is a requirement for enhancing an impeccable funding for nanotechnology in the nation and then only the country can boost having a proper manufacturing cluster.
According to Dr Semwal, the country is all set to fulfill its dream of developing a nanotechnology ecosystem. Every component making requires nanotechnology and with the assistance of the government’s recently unleashed Semiconductor and Display PLI incentive scheme of Rs 76,000 crore, foreign companies have already started expressing their interests in developing their manufacturing and design units in the country. According to an exclusive report of the IANS, India has seven centers of excellence where the necessary platform is being provided for designers and fabricators in the nanotechnology space not only for researchers, but also for the entrepreneurs.
The excellence center has already commenced providing necessary training to the researchers and is now also open for commercial purposes. After grabbing training from the center, around 43 percent of the researchers have already moved abroad. Moreover, she also highlighted that the new-fangled program ‘Idea to innovation’ has been unveiled in September 2021 to assist start-ups.
The program will help seventeen new technologies to get added. To fulfill the vision, a huge amount of patents had already been submitted and transfers of technologies are also happening with some new companies already starting generating profits. Most importantly, on the initiatives of funding, a huge assistance of funding is needed for the coming years, but some ministries have also started providing combined funding.
