Science Laboratory
A researcher works in his laboratory at the Institute for Stem cell Therapy and Exploration of Monogenic Diseases (I-Stem) in Evry, near Paris November 27, 2009. [Representational Image]Reuters/Gareth Watkins

Finance Minister Arun Jaitley Saturday announced the Atal Innovation Mission (AIM), an innovation promotion platform in the NITI Aayog, with an initial fund of Rs.150 crore for research and development.

"The platform will also promote a network of world-class innovation hubs... Initially, a sum of Rs.150 crore will be earmarked for this purpose," Jaitley said while presenting India's national budget for the next fiscal.

Named after former prime minister Atal Bihari Vajpayee, AIM will be an innovation promotion platform involving academics, entrepreneurs and researchers.

It would draw upon national and international experiences to foster a culture of innovation, research and development and scientific research in India, Jaitley said in his speech.