The Indian government will fund small local companies to promote innovation, intellectual property development, R&D and nano electronics, for which it has set up a US$ 2 billion development fund for the purpose.
Ajay Kumar, joint secretary, Department of Electronics and Information Technology, announced the plan at the Freescale Technology Forum. He said that this fund will be made available to companies in the electronics systems design and Manufacturing (ESDM) clusters all across India.
According to a report, the government is planning to participate with private players and contribute 25-75 per cent to co-fund manufacturing initiatives. A policy regarding this will be announced shortly, said Kumar.
There are already five clusters in Andhra Pradesh, Kerala, Haryana, Punjab and Bengaluru. The government plans to create an ecosystem that will also involve skills development, and aims to give preference to products made at these clusters, said Kumar.
