The Department of Science and Technology launched the India-Russia Technology Assessment and Accelerated Commercialization Programme to connect Indian and Russian SMEs for cross-country technology adaptation. The Federation of Indian Chambers of Commerce and Industry (FICCI) and Foundation for Assistance to Small Innovative Enterprises (FASIE) of the Russian Federation are the partners of the program.
The program will run through two annual cycles and plan to fund five projects under each period. The focus areas are ICT, Pharmaceuticals, Renewable Energy, Aerospace, Alternative Technologies, Environment, New Materials, Biotechnologies, Robotics, and Drones. FICCI will implement the program in India on behalf of The Department of Science and Technology.
Over a period of two years, the Department of Science and Technology will fund up to INR 15 Crores to ten Indian SMEs, and FASIE will provide similar funding to the Russian projects. The program will provide access to partial public financing for selected projects. In addition to financial support, the teams will also get help through capacity building, mentorship, and business development.
The program is accepting applications for Partnership Projects and Technology Adaptation. The last date to apply for the first round of the call is September 30, 2020. A dedicated portal www.indiarussiainnovate.org is in place for this purpose.
“Technology-led innovation and entrepreneurship are priorities of both countries and will be key points on the agenda as President Putin visits India later this year,” said D.B. Venkatesh Varma, the Indian Ambassador to the Russian Federation.