You are using an older browser version. Please use a supported version for the best MSN experience.

Govt to fund R&D cost of up to Rs5 crore for original cyber security products

LiveMint logoLiveMint 31-08-2017 PTI

New Delhi: The government will fund research and development costs of up to Rs5 crore incurred by any company on developing an original cyber security product in the country, IT minister Ravi Shankar Prasad said on Thursday.

“Challenge grant—it is a Rs 5 crore grant for the start-up. Come up with original product in the field of cyber security, the government will fund your entire research to the tune of Rs5 crore,” Prasad said at a cyber security event organised by industry chamber Assocham.

He said that India’s digital or information sector is growing very fast for which cyber security is very important. The minister said the IT ministry recently issued notices to smartphone manufacturers to furnish details of cyber security firewalls inside their mobile phones. “We are going to have cyber security standards for telephones. We are finalizing that... Let me tell all mobile manufacturers that your product must be security compliant. There shall be no compromise on that,” Prasad said.

The minister said that digital governance has helped the government save Rs57,000 crore in last three years, which used to be pocketed by middlemen. Prasad said that transactions on BHIM and UPI have increased significantly after demonetisation was announced on 8 November 2016. “It started on November 8. BHIM and UPI app transactions have increased from 3,700 transactions per day to 5.4 lakh transactions a day. In terms of value, it has risen from Rs1.93 crore per day to Rs87 crore per day,” the minister said.

More From LiveMint

image beaconimage beaconimage beacon