STIP eyes setting up financial authority, bank for funding in key areas

The draft Science and Technology Policy 2020 proposes to establish a national STI Financing Authority and an STI Development Bank that can cater to the long term investments in select strategic areas.

According to the draft, to undertake efficient governing mechanisms for the Science, Technology and Innovation (STI) funding landscape, a national STI Financing Authority will be created. The centralised authority will help strengthen financial outlay.

A corpus fund will also be established for investing in various long and medium-term projects, commercial ventures, start-ups, technology diffusion and licensing to address identified priority areas in the STI ecosystem, the policy states.