Govt calls for private sector investment in R&D
Govt calls for private sector investment in R&DNew Delhi, Jul 13 (KNN) A white paper on ‘stimulation of private sector’s investment into research and development,’ has emphasised the fact that innovation is the key to economic development, while inviting private sector investment in research and development.
Jointly developed by the Department of Science and Technology (DST) and Confederation of Indian Industries (CII), the white paper was released yesterday.
Six key recommendations were made by the Joint Committee for implementation by the government and industry. These are: “redefining private sector R&D investment as per global norms; mandatory disclosure of R&D investment by private sector; rationalization of heads of R&D investment for direct and indirect incentives; valuing and incentivizing IPR assets; building technology depth of industry through PPP in national priority areas and incentivization of commercialization of R&D,” according to an official notification.
Speaking at the release of the paper, Union Science and Technology and Earth Sciences Minister S Jaipal Reddy said, “Business enterprises are one of the main source of innovation. They play a significant role in funding and performing R&D in most countries and, more than ever, governments seek to increase business investment in R&D and innovation.”
Global competition, he said has increasingly led countries to boost the innovative capacity of the business sector.
On its part, the government has laid high emphasis on attracting investment of the private sector into R&D to match public investments (that is 1 per cent of GDP each by government and industry) before the end of 12th Five year plan.
In fact, the Prime Minister Manmohan Singh too had appealed to the private sector to invest into R&D to match public investments, the Science Technology and Innovation Policy 2013 also emphasising the same.
Inviting the private sector to work alongside the public sector in PPP mode, the minister said the size of the 12th Plan for S&T sector has been estimated with a public investment of Rs. 1,20,430 crores.
“Given the current levels of investment of the private sector, an approximately 8 fold increase in the engagement of the private sector into R&D would become necessary. This is an ambitious goal for both the government and private entrepreneurs,” he said.
Reddy also pointed out that the Ministry of Science and Technology has undertaken several initiatives to strengthen the academics and industry interface in science. These include the New Millennium Indian Technology Leadership Initiative, Biotechnology Industry Partnership Programme (BIPP), Small Business Innovation Research Initiative (SBIRI), Contract Research and Services Scheme (CRS) in Biotech Sector, Drugs and Pharmaceuticals Research Programme (DRPP); National Mission on Nano Science and Nano Technology, Water Technology Initiative and Solar Energy Research Initiative; and Prime Minister’s Doctoral Fellowship Scheme. (KNN)