India Launches Incentives Scheme Supporting 75 Startups in Telemedicine, Digital Health
India’s Ministry of Science and Technology has announced that the government is launching a special incentives scheme to support 75 startups in telemedicine, digital health and artificial intelligence.
It will offer the incentives through the Biotechnology Industry Research Assistance Council (BIRAC), an enterprise run by the Department of Biotechnology.
WHAT IT’S ABOUT
The announcement comes as India celebrates its 75th year of independence from the United Kingdom. Amid the celebration, Science and Technology Minister Jitendra Singh said identifying and supporting the 75 startups is the ministry’s “most appropriate” task that will promote research and development in the healthcare sector.
Minister Singh has ordered the BIRAC directors to provide startup participants with particular themes to focus on tackling COVID-19 in different aspects.
THE LARGER CONTEXT
BIRAC has been supporting and promoting new biotechnology ventures under its Startup India and Make in India programmes. It has so far lent funding of over Rs 21.28 billion ($280 million) to around 1,500 startups, enterprises, and small businesses.
The council has also extended more than Rs 25 billion ($337 million) in financial aid to over 5,000 biotechnology startups. It is targeting to support over 10,000 biotech startups by 2024.
In other news, the Science and Technology Ministry also launched BIRAC’s online office and software this month.
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