India to provide Rs 900 crore for COVID-19 vaccine R&D

November 16, 2020 0 By FM

The Indian government will provide Rs 900 crore to the Department of Biotechnology for the Covid Suraksha Mission, as part of ‘Aatmanirbhar Bharat 3.0’, announced the Finance Minister Nirmala Sitharaman.

The grant will be used for research and development (R&D) of the Indian Covid vaccine. The mInister added that the fund would only cater to identified activity and would not cover the cost of vaccine or logistics required for its development, which will be provided separately.

Indian companies like the Serum Institute and Bharat Biotech are conducting trials for COVID-19 vaccines in India.

The Finance Minister also announced Rs 10,200 crore additional budget outlay for capital and industrial expenditure. This allocation will go into strengthening domestic manufacturing capabilities, especially in areas of defence equipment and green energy equipment.

The additional money will also support rolling out of industrial incentives and facilitate development of industrial infrastructure. Sitharaman said that this spend will be in addition to what had already been provided for boosting capital expenditure and supporting local industries.