Rs One Lakh Crore Scheme In Works For Adoption Of Indigenous Deep-tech In Defense, Energy & Electronics

New Delhi, Mar 11 (KNN) The Indian government is considering a comprehensive scheme to offer Rs 1 trillion in concessional capital support to the private sector, aiming to incentivise the adoption of indigenous deep-tech and cutting-edge technologies in defense, energy, and electronics.

Scheduled to operate for an initial duration of five years, the scheme may be administered by state-run entities such as the National Bank for Financing Infrastructure and Development (NaBFID) and the National Investment and Infrastructure Fund (NIIF), a senior official told FE.

The primary objective is to foster the adoption of Indian technology in emerging domains while reducing dependence on imported technologies. Discussions are underway among relevant government departments, scientific institutions, and various stakeholders to finalise the framework of the scheme.

Indian research institutions continually develop innovative technologies through their research and development (R&D) efforts. However, despite the availability of indigenous solutions, domestic firms often opt for tested foreign technology due to perceived risks associated with unproven local alternatives.

To address this challenge, the proposed scheme aims to provide concessional financing to companies, enabling them to pursue product development using Indian technology with reduced risk. By offering long-term loans at low or zero interest rates and incorporating features such as moratorium periods, the scheme aims to facilitate greater uptake of indigenous technology by the private sector.

Government officials emphasise the significance of promoting indigenous technology adoption, particularly in critical sectors like energy and electronics, as part of India's strategic vision for future growth and development.

Recognising the pivotal role of research and innovation in driving economic progress, the government aims to harness the potential of domestic talent and technology to propel the nation towards becoming a developed economy by 2047.

(KNN Bureau)