India and Russia have launched a joint technology development and commercialization programme in various areas, including renewable energy and new materials.

The programme has been launched by India’s Department of Science & Technology, in partnership with the Foundation for Assistance to Small Innovative Enterprises (FASIE) of the Russian Federation. On behalf of DST, the Federation of Indian Chambers of Commerce and Industry (FICCI) will implement the programme in India.

The programme will fund sustainable joint technology ventures for market-ready technology-based solutions, products, and services, with the potential to scale in India, Russia, and other countries.

The selected projects will have at least one SME from Russia and one SME/startup from India.

Projects are being sought in areas of renewable energy and new materials, in addition to IT and ICT, medicine and pharmaceuticals, aerospace, alternative technologies, environment, biotechnologies, robotics, and drones.

The programme comprises two annual cycles with five projects to be funded under each program cycle. For each yearly cycle of the program, total funding of up to INR 7.5 crore will be made available to the Indian entrepreneurs with up to INR 1.5 crore committed to each of the top five projects shortlisted.

Thus, over two years, the DST will provide funding of up to Rs 15 crore to ten Indian SMEs/start-ups, with FASIE providing similar funding to the Russian partners.

In India, the maximum funding per project would be INR 15 million, and the applicant must co-finance 50% of the amount requested from the DST.

In Russia, the maximum funding per project would be RUB 15 million, and the applicant must co-finance 30% of the amount requested from FASIE.

PV Magazine