New Delhi: 2014 seems to be a promising year for the Indian science and tech industry. After seeing some interesting deals and acquisitions, the industry can now look forward to a push from the central government.
Prime Minister Manmohan Singh, in his inaugural address at the 101st Indian Science Congress reiterated that the country should increase its annual expenditure on science and technology to keep pace with international tech-savvy peers. He made that statement earlier in 2012.
We must increase our annual expenditure on science and technology to at least 2% of the gross domestic product (GDP),” said the PM. To do science, someone must pay for it,” he added. India’s expenditure on science and technology hovered at about 0.98% in 2012.
In 2012 as well, Prime Minister Manmohan Singh had raised expectations when he said that India needed to double the share of its gross domestic product spent on research to 2%, over the next 5 years.
The previous budget however, suggested that, in the short term, government spending will move quite leisurely to achieve this target. With 2014 being the year when the country goes to polls, not many have high hopes from this year’s interim budget as well.
The prime minister also said that the private sector must join hands with the government for an inclusive progress in science and technology. “I am happy that our department of biotechnology has activated private public partnerships in research and development,” PM added. “In countries such as South Korea, where a high percentage of GDP goes to science, the contribution of industry is significant,” Manmohan Singh said.
Bureau Report
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