New Delhi: Finance Minister Nirmala Sitharaman while delivering the Union Budget to Parliament today, February 1, 2023, stated that the IITs will receive a research grant for the indigenous production of lab-grown diamonds. Lab-grown diamonds are an energy-driven technology and innovation sector with high employment potential.
A five-year research grant will be awarded to one of the IITs to encourage indigenous production of such diamonds, said the Finance Minister.
A total of 100 labs will be established in engineering institutions in collaboration with various authorities, regulators, banks, and other businesses to develop applications utilising 5G services.
The labs will cover applications such as smart classrooms, precision farming, intelligent transportation systems, and healthcare applications, among others, to realise a new range of opportunities, business models, and employment potential.
