Indian Railway Innovation Policy:
The Minister of Railways has launched Indian Railway Innovation Policy- “StartUps for Railways”.
Key Highlights of the Policy:
- Grant up to Rs. 1.5 Crore to innovators on equal sharing basis with provision of milestone-wise payment.
- The complete process from floating of problem statement to development of prototype is online with defined time line to make it transparent and objective.
- Trials of prototypes will be done in Railways.
- Enhanced funding will be provided to scale up deployment on successful performance of prototypes.
- Selection of Innovator/s will be done by a transparent and fair system which will be dealt through an online portal inaugurated today by the Minister of Railways.
- Developed Intellectual property rights (IPR) will remain with innovators only.
- De-centralization of complete product development process at divisional level to avoid delays.