The Central government introduced an innovation strategy to bring technical improvements to the Indian Railroads. The policy would engage innovators, startups, and entrepreneurs to collaborate with the railways.
A railway official told the media that this is the first time the Indian Railways has come up with such a strategy to provide fresh inventive ideas that would help it progress technologically.
The official said that they obtained all the essential crucial inputs from various sources. This programme would help in reducing outmoded and time-consuming procedures, including the recruitment of fresh minds for the railroads and the country as a whole.
The policy statement establishes a comprehensive framework for the ministry of railways’ involvement with innovators for the development of technology, goods, and need-based solutions for railways.
According to media sources, the entire process of selecting innovative partners will be carried out online in an open, fair, and transparent way through a dedicated portal, which is likely to be operational by April-end.
The policy creates an enabling environment for Indian innovators, startups, entrepreneurs, micro, small, and medium-sized enterprises (MSMEs), research and development (R&D) institutions, and technology developers to collaborate with Indian Railways on the development of innovative technological solutions.
As per the policy, entrepreneurs and innovators would be granted financial assistance in the form of project awards.
The official said that the railways would be responsible for half of the project’s overall cost. It will provide a significant boost to new business owners. Once accepted, the inventor will have a good chance of getting other contracts.
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