Govt to hike R&D spend to 2% of GDP, says Jaipal Reddy

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Union Minister for Science and Technology S. Jaipal Reddy said that the Government plans to increase the research and development budget up to two per cent of the gross domestic product during the 12th Plan.

Speaking at CSIR-IICT@70 celebrations here, he said, “It is gratifying to note that Indian industry is coming forward to contribute about 50 per cent of the increase in R&D spending.”

The Government has introduced several new schemes with public private partnerships to increase spending on R&D. These schemes will help translate the basic and academic research into products of direct relevance to the industry in quick time.

To encourage entrepreneurship and innovation in new scientific concepts and technologies, the Government has lined up several programmes ranging from venture-capital funding to the development of incubation centres. The CSIR-IICT have taken lead role to establish a biotechnology incubation centre in Hyderabad in association with the Andhra Pradesh Government.

He assured the research community that the Government will ensure necessary resources to support good research and technology proposals. He said some of the important innovations of IICT such as the rice bran oil tech and hydro fluoro carbons had helped save foreign exchange.

The Union Minister laid the foundation stone for Centre of Flurochemicals. This is aimed at working on basic and applied research to develop eco-friendly processes for refrigeration.

He also inaugurated a Cancer Therapeutic Research Laboratory and a Meteorological Tower of Climate Change on Ventor Control Programme. The cancer lab will work on development of affordable cancer therapeutics.


India Brand Equity Foundation, August 05, 2013