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Rail Budget 2016 Brings Happiness To Startups By Setting Up A $7.3 Mn Innovation Fund

Rail Budget 2016 Brings Happiness To Startups By Setting Up A $7.3 Mn Innovation Fund

Indian Railway Minister Suresh Prabhu, who has effectively used social media to garner feedback on the performance of the Indian Railways, today announced a $7.3 Mn (INR 50 Cr.) innovation fund for startups and small firms working on technologies that could benefit the Indian Railways.

Prabhu has also allowed two-months internships in the Railways, for engineering and MBA students, to become an engine of employment generation and economic growth at national level.

Synchronising with PM Modi’s ‘Digital India’ campaign, the minister is tapping technology to provide services to railways passengers. The railway budget includes technological developments like drones to be used for remote monitoring of ongoing projects, India’s first rail-auto hub to be opened in Chennai, and installation of GPS-based digital display in coaches for showing upcoming stations. The capital plan will be $176.7 Bn (INR 1,21,000 Cr).

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