In a boost to start-ups, Railways promises Rs 1.5 crore for tech ideas

“Indian Railways will follow the ideas through to the product after proof of concept…The annual budget for the policy will be around Rs 40-50 crore and an additional fund for the divisional railway managers so that they can find on-field solutions to the problems. Also, the IPR will remain with innovator,” said Railway Minister Ashwini Vaishnaw.

Under the Indian Railway Innovation Policy, the Railways will invest in start-ups so that they are able to procure innovations directly from the start-ups. The funding mechanism will be on cost-sharing basis in equal proportions, 50:50, by the Indian Railways and an innovator.

“Great innovative solutions may churn out and many technological challenges can be resolved if start-ups collaborate with Indian Railways. We have launched an innovation programme under Startup India today and have undertaken 11 common problems to resolve,” Vaishnaw said, adding that field officers of railways, RDSO, zonal and railway board officers will support the innovators.

Vaishnaw said the selection through open, transparent process, which will entail innovators uploading their concepts with necessary proof on a dedicated portal, the Indian Railway Innovation Portal on web address http://www.innovation.indianrailways.gov.in.

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