New Delhi, Oct 16 (UNI) The Central government has decided to enact a legistation to boost private participation in research and development.
Stating this at a seminar here today, Science and Technology Minister Kapil Sibal said: ''The Union Government is bringing in a bill that will give greater role to the private sector in the area of R&D''.
India has a poor R&D expenditure at about 0.8 per cent of its gross domestic product and private sector accounts for just about 0.1 per cent.
The Minister said it is this background the government is legislating to ensure greater role for private sector as is the case in western countries. He said objective of the bill is also aimed at augmenting R&D funding of universities and have technology transfer cells with proper business plans to ensure that innovations reach the market in time.
Department for Scientific and Industrial Research Secretary Samir K Brahmachari the bill will also help ensure good and timely protection of intellectual property.
Mr Richard Wilder, former director of Global Intellectual Property Issues, said true value of an innovation can be realised only by moving it into the market and it is imperative for industry and academic institutions to collaborate to achieve this.
He wanted the government to provide incentives and grants for intellectual property protection. There should be a proper incentive structure in place so that the institutions patent their inventions.
Momentum to R&D activities in India will also lead to creation of more jobs, skilled labour force, new products and services for the consumers, he added.
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