Government Launches Startups for Railways

Government Launches Startups for Railways

Recently the Ministry of Railways has presented the Indian Railways Innovation Policy named ‘Startups for Railways’.

The objective of this policy is to take advantage of the innovative technologies developed by Indian Startups / Micro, Small and Medium Enterprises (MSMEs) / Innovators / Entrepreneurs. This will improve the operational efficiency and safety of Indian Railways.

Salient Features of Indian Railways Innovation Policy

  • Innovators will be given a grant of up to Rs. 1.5 crore on an equal partnership basis. Provision has also been made for payment on new achievement.
  • The entire process, including the selection of startups, is online. Time-limits have also been set. This will make the process transparent and objective.
  • The prototype will be tested in the Railways. On successful demonstration of the prototype, increased funding will be provided to scale up its use.
  • The developed Intellectual Property Rights (IPRs) will remain with the innovators only.

Importance of innovation in railways

Indian Railways is the fourth largest railway network in the world. About 23 crore people travel through it every day. In addition, the Railways carry about 38 lakh tons of goods per day.

Main obstacles for the railways:

  • The rail network is very busy, and the infrastructure is under pressure;
  • Rail operating costs are high, while internally there is less revenue;
  • Questions have also been raised over the quality and safety of the services provided 82;
  • Some technical issues also exist etc.

Some of the above problems can be solved by the relationship between startups and railways. Their help can be taken to encourage entrepreneurship and innovation for promotion of R&D and modernization of rail network.

Source – The Hindu

Download Our App


Share with Your Friends

Join Our Whatsapp Group For Daily, Weekly, Monthly Current Affairs Compilations

Related Articles

Youth Destination Facilities