The program is a joint initiative of the Department of Science & Technology (DST), Government of India, and Foundation for Assistance to Small Innovative Enterprises (FASIE). Federation of Indian Chambers of Commerce & Industry (FICCI) is implementing the program on behalf of the Department of Science & Technology.
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The India-Russia Joint Technology Assessment and Accelerated Commercialization Program was launched in July 2020 as a bilateral initiative between India and Russia to foster collaboration in the field of Science, Technology and Innovation. Twenty-three joint proposals were received against the maiden call of the program, out of which three proposals have been selected for funding after a rigorous evaluation process.
According to an official statement fr0m FICCI, the program will connect Indian, and Russian Science & Technology (S&T) led SMEs and Start-ups for joint R&D for technology development and for cross-country technology adaptation.
The program will run through two annual cycles with up to five projects to be funded under each cycle. Projects are being sought in leading S&T focus areas, including but not limited to, IT & ICT (including AI, AR, VR), Medicine & Pharmaceuticals, Renewable Energy, Aerospace, Alternative Technologies, Environment, New Materials, Biotechnologies, Robotics and Drones.
Over a period of two years, the Department of Science and Technology will fund up to Rs 15 crores to ten Indian SMEs/Start-ups and FASIE will provide similar funding to the Russian projects.
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