INDIAN RAILWAYS LAUNCHES A PORTAL TO IMPLEMENT THE INNOVATION POLICY

On Monday, the center launched an Indian Railways Innovation portal to fund startups. 

It came in the wake of the innovation policy of the Indian Railways. 

The procedure of the portal is simple. A startup is required to apply to the portal. 

The portal will accept the innovative prototypes that are implementable, cost-effective, and provide solutions to the national transporter. The Indian Railways plan to invest up to Rs 1.5 crore in these start-ups as seed capital. 

According to an official presentation, the grant can be doubled to up to Rs 3 crore during the stage of scaling up for wider proliferation. 

The Indian Railways will provide this help as a 50% capital grant, as well as a guaranteed market, scale, and ecosystem. 

Indian Railways Minister, while addressing a journalist, said that he is looking for a solution for the eleven identified problems through this initiative. 

The eleven identified problems include the rail stress monitoring system and automation of track inspection activities, among others. 

The primary aim of the portal is to give a push to young entrepreneurs in solving problems faced by the railways. Indian railway through this portal wants the innovative mind to put forth their ideas, providing solutions to the railway. Indian Railways will support and fund their ideas.