New Delhi, Feb 1 (IANS): The allocation of Rs 50,000 crore over five years to the National Research Foundation announced in the Budget will spur innovation and strengthen the overall research ecosystem of the country, industry experts have said.

The modalities of the National Research Foundation was announced in July 2019, but no budget allocation was made for it before now.

"It will ensure that the overall research ecosystem of the country is strengthened with focus on identified national-priority thrust areas," the Finance minister said after proposing an outlay of Rs 50,000 crore for the NRF.

"The allocation of Rs. 50,000 crores over the next five years through the National Research Foundation to develop India's potential as a global innovation hub is particularly exciting," Prakash Mallya, Vice President and Managing Director -- Sales, Marketing and Communications Group, Intel India, said in a statement.

"This will undoubtedly provide greater impetus to the Indian innovation story and cement our position on the global map of leading economies."

To strengthen the overall research ecosystem of the country, the Union Budget FY 2021-22 announced a slew of new initiatives to boost Innovation and R&D in the country.

Responding to the proposal, Poonam Muttreja, Executive Director, Population Foundation of India, said the increased investment of Rs 50,000 crores over five years to strengthen research and development "will surely put India's innovation on the global map."

"It will strengthen the overall research ecosystem of the country and help India emerge as the R&D epicentre of the world," said Sanjiv Marwah, Director, JK Business School.