National Quantum Mission to Fund 10-15 Start-Ups in Quantum Technology: Report

The National Quantum Mission (NQM) is set to provide grants to 10-15 start-ups working in the field of quantum technology as per Inc42.

Ajai Chowdhury, the chairman of NQM's governing body reportedly said that the government is looking at start-ups to increase research and development in quantum technologies (QT) soon.

The founder of HCL Infosystem was speaking at the IIT-Madras hosted International Conference on Quantum Communication, Measurement & Computing.

“Within the next three months, we will be handing grants to 10 to 15 good startups. We want to see them grow, scale and go global. There have been some good products developed, especially in cryptography. We have also been working to get various software companies to get involved, and encourage them to invest in quantum,” Chowdhury said as per Inc42.

As per Hindu Business Line, Chowdhury reportedly said that as part of many government initiatives in the coming future, a grant will be set up that will cater to start-ups needing funding in the range of Rs 10-50 crore to launch India's quantum computer over the next few months.

The development comes after the government approved a funding of Rs 6,003.65 crore from FY24 to FY31 for NQM last year.

The objective of the National Quantum Mission is to "seed, nurture and scale up scientific and industrial R&D and create a vibrant and innovative ecosystem in QT”. 

The mission comes under the Department of Science and Technology.

Startup India, Make in India, Stand-up India, Skill India and Digital India are some initiatives that will reportedly get a major boost.

It would enable aid to sectors such as communication, health, financial, energy sectors, drug design and space applications.

The mission's implementation will see the setting up of four thematic hubs (T-hubs) in top academic and national R&D institutes in quantum computing, commuting, sensing & metrology, and materials and devices.