The Ministry of Railways on June 13 launched the Indian Railway Innovation Policy—‘StartUps for Railways’, with an annual budget of around Rs 40-50 crore, as part of its plans to invest in startups to find solutions to problems the Indian Railways is currently facing.
As part of the new policy, the government will provide a grant of up to Rs 1.5 crore, to selected startups, on an equal sharing basis with the provision of milestone-wise payment.
Startups will be selected by the Indian Railways after the national carrier floats a problem statement online for the development of a prototype.
The Indian railways will then test the prototypes developed by different startups and enhanced funding will be provided to scale up deployment on the successful performance of prototypes.
