Govt to provide Rs 900 crore for Covid Vaccine Research and Development
New Delhi: The government will provide Rs 900 crore to the Department of Biotechnology for the Covid Suraksha Mission, Finance Minister Nirmala Sitharaman said on Thursday while announcing another stimulus package, as part of 'Aatmanirbhar Bharat 3.0'.
The government grant will be used for research and development (R&D) of the Indian Covid vaccine.
Announcing the R&D fund, Sitharaman said that it would only cater to identified activity and would not cover the cost of vaccine or logistics required for its development. These will be provided separately, she said.
Indian companies like the Serum Institute and Bharat Biotech are conducting trials for Covid vaccines in the country and are most likely candidates to produce it when all necessary permissions are given.
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.