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Centre to set up research funding body
Highlights
Centre to set up research funding body. With an aim of boosting scientific studies in the country, the government on Monday announced its decision to set up an organisation that will finance research and contributions to it will be eligible for tax benefits.
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New Delhi: With an aim of boosting scientific studies in the country, the government on Monday announced its decision to set up an organisation that will finance research and contributions to it will be eligible for tax benefits.
"We have reflected on a new approach to funding scientific research. I, therefore, propose to set up a Research Funding Organisation that will fund research projects selected through a competitive process," Finance Minister P Chidambaram said while presenting the Vote-on-Account in the Lok Sabha.
He said contributions to that organisation will be eligible for tax benefits. "This will require legislative changes which can be introduced at the time of the regular Budget," Chidambaram said.
Such an organisation has been overdue as there has been a feeling that enough encouragement is not being given to scientific research in India.
Chidambaram also said that after the successful Mars Orbiter Missing (MoM), several flight tests, navigational satellites and space missions are planned for the financial year 2014-15.
"India joined a handful of countries when it launched the Mars Orbiter Mission. We now have the capability in launch vehicle technology, cryogenics, and navigation, meteorological and communication satellites, and are largely self-reliant," he said.
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