Govt announces fund to support basic research and prototype development

new delhi: the government on tuesday said it will set up an 'anusandhan national research fund' to support basic research and prototype development in universities, colleges, research institutions, and r&d laboratories. a mechanism to spur private sector-driven research and innovation at commercial scale will also be set up with a financing pool of rs 1 lakh crore, union finance minister nirmala sitharaman said during her budget speech. sitharaman said a venture capital fund of rs 1,000 crore will be set up expanding the space economy by five times in the next 10 years.