Piyush Goyal urges industry to utilise Rs 1 lakh crore ANRF fund for fostering innovation

New Delhi, Nov 21 Union Commerce and Industry Minister Piyush Goyal on Thursday urged the industry to utilise Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund to foster innovation and create a research-based ecosystem in the country.

The talented youth should also be tuned to the mindset of experimenting and developing new ideas under this government initiative, Goyal said during his keynote address at the Federation of Indian Chambers of Commerce and Industry’s (FICCI) event in the national capital.

"The initiative will help India develop the research and development ecosystem and will evince interest from the industry leaders," he said and urged the participants to provide suggestions in making the processes to get funds outcome-oriented and time efficient.

He also advocated bringing in private sector institutions to be part of the industry-academia-government partnership in fostering innovation and collaboration with the industry to meet the needs of the people and spur exports.

Goyal also highlighted that the initiatives under Prime Minister Narendra Modi's government such as Digital India, Pradhan Mantri Sahaj Bijli Har Ghar Yojana – SAUBHAGYA, Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), Ayushman Bharat and others contributed to India’s rapid transformation.

Further, the minister complimented FICCI for organising an award category “Excellence in Swachh Industry Parks” to promote cleanliness at industrial parks across the country and noted that cleanliness is closely aligned to economic development, job creation and employment.

Goyal urged the industry leaders to play a more proactive role and work closely with the government in their agenda to reduce compliance burdens and decriminalise laws detrimental to businesses which will lead to improvement in ‘Ease of Doing Business’.

"FICCI has to be the feedback mechanism to help the Centre do its job better," the Minister noted.

Emphasising the need to raise quality standards in the country, the Minister urged FICCI to tap into its technical committees and appoint a representative from every industry to ensure standards are maintained.

"This way, quality standards will be more practical, and useful and will help India be recognised as a quality producer of goods and services. India will not only be a trusted partner but also a provider of quality goods," Goyal told the gathering.

Source: IANS