Union Budget 2024: Government announces fund to support basic research and prototype development

A mechanism to spur private sector-driven research and innovation at commercial scale will also be set up with a financing pool of Rs 1 lakh crore, Union Finance Minister Nirmala Sitharaman said during her budget speech. Sitharaman said a venture capital fund of Rs 1,000 crore will be set up expanding the space economy by five times in the next 10 years.