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Exim Bank is considering a fund for promoting research and development in engineering and creative economy space.
According to the Exim Bank Chairman and Managing Director, Mr T C A Ranganathan, this will be over and above the venture capital fund of Rs 2,000 crore, announced recently, by the Union Government for promoting research and development in the pharmaceutical sector in collaboration with Exim Bank.
The Commerce Ministry, Mr Ranganathan said, was working on the model of setting up of the fund and other finer details. Exim Bank would act as an implementing agency, he added.
“We will start off with supporting R&D in pharma sector and then we also want similar initiative to promote engineering and creative economy segments like fine arts, gaming solutions and animation among others,” Mr Ranganathan told newspersons on the sidelines of a banking conclave organised by the Federation of Indian Chambers of Commerce and Industry here on Wednesday.
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