Indian Economy News

According to Union Minister Dr. Jitendra Singh, the industry will be expected to contribute a significant number of resources to all future start-up businesses and other new technology initiatives

The Union Minister of State (Independent Charge) for Science and Technology, MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy, and Space, Dr. Jitendra Singh, stated today that the industry will be expected to contribute significantly in terms of resources to all upcoming start-up businesses and other new technology initiatives.

He further stated that everyone must be treated equally as stakeholders from the start, and for this reason, the industry must likewise shed its previous attitude of relying solely on the government.

At the 3rd India Quantum Technology Conclave 2023 organised by ASSOCHAM, the minister further mentioned that there is no choice but to strike an equitable relationship with the Government, Academia, and Industry to be on an equal footing as the nation takes further steps in frontier R&D including emerging Quantum Technology Conclave 2023. He added that the industry will need to take the lead in risk management since global concerns require a worldwide mindset, global strategies, and a global set of norms.

Dr. Jitendra Singh also mentioned that the Anusandhan National Research Foundation (NRF), which Prime Minister Mr. Narendra Modi announced, will include significant non-government resources. 70% of the NRF budget of Rs. 50,000 crore (US$ 6 billion) over five years, or as much as Rs. 36,000 crore (US$ 4.32 billion), is expected to come from non-governmental sources.

As a result, there will be integration and a bridging of the gap between the public and private sectors. The NRF will also serve as a think tank, with the authority to select the topics for projects to be pursued and supported as well as decide on international collaborations. There will be Industry linkages right from the beginning, creating an optimum ecosystem for innovation. Active involvement from the industry and the capital to push the quantum start-up ecosystem in India is required to boost the industry.

There are 3,000 startups under the Aroma Mission and 150 Space Startups. The idea is to follow up in order to ensure that the over 1.25 lakh startups that have taken off in the last nine years are sustainable.

One of the ministers stated that as compared to the policy paralysis previously, the Government rolled out a clear-cut policy planning, with Digital India and Make in India paving the framework for a robust indigenous manufacturing environment. As a result, there was a quantum jump before Quantum Technology came this way.

Dr. Jitendra Singh also mentioned that India will become one of the top global leaders in fields including quantum computing, quantum communication, quantum sensing, quantum materials, metrology, and devices owing to the National Quantum Mission (NQM), which Prime Minister, Mr. Narendra Modi approved. The NQM approved by the Cabinet at a total cost of over Rs. 6,000 crore (US$ 720.9 million) aims to seed, nurture, and scale up scientific and industrial R&D and create a vibrant and innovative ecosystem in Quantum Technology (QT).

He further stated that India is the seventh country to have a dedicated quantum mission after the US, Austria, Finland, France, Canada, and China. The Mission will greatly benefit sectors like health, finance, and energy apart from applications in drug design, space, banking, security etc. It will also provide a huge boost to National priorities like Digital India, Make in India, Skill India and Stand-up India, Start-up India, and Self-reliant India.

India has the potential to become an attractive destination for quantum R&D, software development, and components and equipment manufacturing, thus leading to a huge number of job opportunities. Currently, India is home to about 100 quantum initiatives, with the Centre funding nearly 92% of them. In eight years, the NQM plans to construct intermediate-scale quantum computers with 50–1000 physical qubits on a variety of platforms, including superconducting and photonics.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.