Ratan Tata will spearhead 'Kayakalp', the Rs 50-crore innovation fund for startups in the railway sector.
Railway Minister Suresh Prabhu on Thursday said that Indian Railways is setting up a fund to provide innovation grant for startups.
He also announced that the ministry would set up an innovation committee comprising reputed investors, representatives from the National Academy of Indian Railways, Railway Board and Ratan Tata.
"We are setting aside a sum of Rs. 50 crore for providing innovation grant to employees, startups and growth-oriented small businesses to support internal and external innovation. On an annual basis, we will seek out solutions to IR's most critical problems through an innovation challenge. The initiative would be administered by an innovation committee comprising reputed investors, representatives from National Academy of Indian Railways, Railway Board and 'Kayakalp' headed by Ratan Tata," Prabhu said.
In addition, innovation labs will be set up at all Indian Railway-owned workshops and production units to support creative innovation by locals and staff.