New Delhi, Mar 25 (ANI): The Union Cabinet on Thursday approved the establishment of an Indo-German Science and Technology Centre (IGSTC) in India.
The Centre would be established with matching contribution as per Expenditure Finance Committee (EFC) approval of two million Euro (approximately Rs.13 crore at current exchange rates) per year for the next five years.
The Centre would be registered as a "Society" under the relevant Act.
The Indo-German Science and Technology Centre shall play a proactive role in facilitating participation of industry in joint research and development projects; provide and assist in mobilizing resources to carry out industrial research and development projects.
The Centre shall facilitate and promote Indo-German bilateral collaborations in basic and applied science, research and technology through substantive interaction among Government, academia and industry.
The Centre shall also encourage public private partnerships (PPP) to foster elements of innovation and application and cultivate a culture of cooperation between science and industry.
The total expenditure for the proposal is approximately Rs.65 crore for next five years with effect from 2010. This is the matching contribution equivalent to two million Euro per year rom German Government side. (ANI)