In order to enhance innovation and technology development for the Indian industry, the government will increase the research and development budget up to 2 per cent of the gross domestic product (GDP) during the 12th Five Year Plan (2012-17). The Government has introduced several new schemes with public private partnerships, which will help translate the basic and academic research into products of direct relevance to the industry in quick time.
Union Minister for Science and Technology S Jaipal Reddy emphasized that the government would ensure necessary resources to support good research and technology proposals and said that Indian industry has contributed to about 50 per cent of the increase in R&D spending.
Further, to increase spending on R&D, it has also lined up several programmes to encourage entrepreneurship and innovation in new scientific concepts and technologies ranging from venture-capital funding to the development of incubation centres.
Recently, Union Minister inaugurated a Cancer Therapeutic Research Laboratory and a Meteorological Tower of Climate Change on Ventor Control Programme and also laid the foundation stone for Centre of Flurochemicals which is aimed at working on basic and applied research to develop eco-friendly processes for refrigeration.
