In accordance with the action plan related to 'StartUp India StandUp India' the government is all set to launch research parks and other R&D initiatives to foster research in India and create a soothing atmosphere for research minds to stay back India and bring about new innovation within the country itself.

The Government said that the new Research Parks in institutes will be set up with an initial investment of about $15.4 Mn (INR 100 Cr) each. They would propel innovation through incubation and joint R&D efforts between academia and the industry. The proposed parks will be up in following institutions:

1. IIT Guwahati
2. IIT Hyderabad
3. IIT Kanpur
4. IIT Kharagpur
5. IISc Bangalore
6. IIT Gandhinagar
7. IIT Delhi  

Among the seven research parks, HRD Ministry will fund for setting up five research parks with the help of Department of Science and Technology. The construction of Research Park at IIT Kharagpur is already underway. Department of Science and Technology will set up Research Part at IIT Gandhinagar. For this purpose, DST sanctioned Rs. 90 crore, and the first installment of Rs. 40 crore has been disbursed.

The government has takensome other measures to promote startups in the biotechnology sector and thus following initiatives is planned be set up in research institutes and universities across India.:

• 5 new Bio-clusters
• 50 new Bio-Incubators
• 150 technology transfer offices
• 20 Bio-Connect offices
• Biotech Equity Fund – The BIRAC AcE Fund in partnership with National and Global Equity Funds (Bharat Fund, India Aspiration Fund amongst others) will provide financial assistance to young biotech startups.

with inputs from inc42.com