An initial sum of Rs 1,00 crore has been allocated to set up a technology development fund to provide necessary resources to public and private sector companies, including SMEs, as well as academic and scientific institutions to support research and development of Defence systems that enhance cutting-edge technology capability in the country. Making this announcement while presenting the General Budget in Lok Sabha today, the Union Finance Minister said that in the year 2011, a separate fund was announced for this purpose but beyond the announcement, no action was taken.
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