National Initiative for Developing and Harnessing Innovations
- NIDHI (National Initiative for Developing and Harnessing Innovations) is a groundbreaking initiative designed to drive innovation, support startups, and create a thriving entrepreneurial ecosystem in India.
- The Department of Science & Technology (DST) launched the NIDHI program in 2016. NIDHI also involves collaboration with other key entities to encourage startups.
- NIDHI included several components and schemes such as:
- NIDHI-PRAYAS: Providing grants to validate proof-of-concept for innovative ideas.
- NIDHI-EIR: Supporting entrepreneurs-in-residence to work on their ideas within academic institutions.
- NIDHI-ACCELERATOR: Accelerating the growth of startups by providing funding and mentoring.
- NIDHI-SIIP: Offering seed support to startups in select technology areas.
- NIDHI-SEED: Supporting startups through incubation and early-stage funding.
- India is ranked 40th out of 132 among the top innovative economies globally as per the Global Innovation Index (GII) 2022.
- India has emerged as the 3rd largest ecosystem for startups globally as of 31st May 2023.
- As of June 2023, India is home to 108 Unicorns with a total valuation of USD 340.80 Bn. Out of the total number of unicorns, 44 unicorns were born in 2021 and 21 unicorns were born in 2022.
- Recently, in a written reply in the Rajya Sabha, the Union Minister of State for Science and Technology highlighted achievement in India’s innovation landscape through the NIDHI (National Initiative for Developing and Harnessing Innovations).
- NIDHI has contributed to the growth of the Indian startup ecosystem by providing financial support, mentorship, and networking opportunities to budding entrepreneurs.
- The program encourages the development of cutting-edge technologies and solutions by providing funding for research and development activities.
- NIDHI promotes collaboration between academic institutions and industries.
- By providing a platform for innovative ideas to be nurtured and developed, the NIDHI program contributes to fostering a culture of innovation and entrepreneurship in India.