Union Railway Minister, Ashwini Vaishnaw has launched “StartUps for Railways”, an important initiative in the field of innovation. Aiming at bringing about innovative solutions to problems like rail fracture, reduction of time between two trains and other passenger related issues. The innovation policy is expected to bring about scale and efficiency in the field of operation, maintenance and infrastructure creation through participation of very large and untapped startup ecosystem.
About the policy:
- Out of over 100 problem statements received from different divisions, field offices/zones of Railways, 11 problem statements like rail fracture, headway reduction etc. have been taken up for phase-1 of this programme.
- These will be presented before the start ups to find innovative solutions.
- The Railway Minister requested the startups to use this opportunity and assured them of support from Indian Railways in form of 50 per cent capital grant, assured market, scale and ecosystem.
- The Railways would grant up to Rs 1.5 crore to innovators on equal sharing basis with provision of milestone-wise payment under the policy.