Finance Minister Inaugurates BioNEST Incubation Centre

The Government of India is intensifying its efforts towards sustainable development and zero emissions by 2047. Finance Minister Nirmala Sitharaman inaugurated the BioNEST Incubation Centre at IIT Dharwad, emphasising the need for green innovation and industry-academia collaboration. The focus remains on renewable energy, advanced technology adoption, and skill development to meet environmental targets.

BioNEST Incubation Centre Launch

The BioNEST Incubation Centre (BIC) at IIT Dharwad was inaugurated to encourage biotechnology startups and innovation. It operates in partnership with the Research and Technology Incubator dhaRti. The centre aims to support green technology enterprises and promote sustainable solutions through research and entrepreneurship.

Government’s Commitment to Zero Emission by 2047

Despite global reliance on coal due to rising natural gas prices, India remains committed to achieving net-zero emissions by 2047. This target aligns with the country’s climate goals and international agreements. The government is pushing for renewable energy adoption and cleaner technologies across sectors.

Challenges in Heavy Industries

Sectors like steel and cement contribute to emissions but require costly advanced technologies for reduction. Budgetary support alone is insufficient. The government is mobilising green bonds and Corporate Social Responsibility (CSR) funds to finance these transitions and encourage innovation.

Boosting Renewable Energy and Fin-Tech

Renewable energy enterprises receive subsidies to accelerate growth. The government also marks progress in financial technology (fin-tech) as a key driver of economic and sustainable development. These sectors are crucial for integrating green finance and investment models.

Industry-Academia Collaboration and Curriculum Reform

The Finance Minister stressed the importance of linking technology institutes with industries. Graduates must gain practical experience alongside academic knowledge. Curricula need revision to meet evolving industry needs and skill demands. Students should develop diverse skill sets for future challenges.

Focus on Skill Development

Emphasis is placed on equipping students with relevant skills beyond traditional academics. This approach aims to prepare a workforce capable of supporting green technologies and sustainable industrial practices. Practical training and internships are encouraged.