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Guwahati: A green innovation fund was introduced by the Assam government in the Budget 2023-2024 announced earlier this week. The motive for introducing this fund is to promote green technology-based innovations and entrepreneurship.
Business North East reached out to the implementing agency - Assam Science Technology and Environment Council (ASTEC) - to learn more about how these funds will be allocated.
Applications will be entertained from research and development or academic institutions, non-government organizations, and individual innovators. After the application process ends on February 28, a review committee will undertake screenings to determine eligibility. "The applicants are required to apply through NGOs, and research and development institutes as they can utilize the expertise of the institutes while applying", an ASTEC official said. The decision on how many applicants will be funded will be decided based on the number of applications that are received.
The funds that will be provided to the selected applicants will be grants and the recommended list of project proposals will be screened on a timely basis by the review committee. After the successful completion of the projects, the targeted outcomes - products, prototypes, and technologies - will be also reviewed for potential use in solving the locality-specific problems of the state.
"If the invention is marketed, the earnings can be utilized by the innovator only. Those products and ideas will be selected that have an urgent need for society as per ASTEC. The total fund received allocated for the price is not fixed as it may increase next year", the official said, giving further insights.
The innovators can also avail the patent facilitation facility of ASTEC to protect their final outputs of the project through intellectual property (IPR) rights, mainly patents. The time frame of completion of the action will be decided by the applicants themselves. However, the maximum time taken for completion cannot exceed three years.
"The Assam government aims to promote green sustainable technologies through exploring, generating, and nurturing grassroots innovations and fulfilling society’s socioeconomic and environmental needs", the official has said.
