Union Minister Dr.Jitendra Singh says, Gross Expenditure on R&D (GERD)in absolute termshas increased by 3 times during the last 10 years
Government has allowed corporate sector to make R&D investments under the provision of Corporate Social Responsibility (CSR): Dr Jitendra Singh
Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said Gross Expenditure on R&D (GERD)in absolute termshas increased by 3 times during the last 10 years.
In a written reply to a question in the Lok Sabha today, DrJitendra Singh informed that the government has been making concerted efforts to enhance the GERD as a percentage of GDP. He said, the Government has allowed corporate sector to make R&D investments under the provision of Corporate Social Responsibility (CSR). Corporates can invest in technology business incubators or contribute in research efforts carried out by institutions and national research laboratories as a part of their CSR, the Minister added.
The Minister said that several steps have been taken to attract the private sector to invest in R&D such as incentivizing the private sector’s R&D participation by improving the ease of doing business in the Science, Technology and Innovation (STI) activities; introducing flexible tools for public procurement; creating avenues for collaborative STI funding through portfolio-based funding mechanisms such as Public-Private-Partnerships and other innovative hybrid funding mechanisms.
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SNC/RR
(Release ID :228501)