However, there was no mention of the amount, either for a year on year expenditure or total…reports Asian Lite News.
The Gross Expenditure on R&D (GERD), in absolute terms, has increased by three times during the last 10 years, the Parliament was told on Wednesday.
“The government has been making concerted efforts to enhance the GERD as a percentage of GDP. It has allowed the corporate sector to make R&D investments under the provision of Corporate Social Responsibility (CSR),” Science & Technology Minister Dr Jitendra Singh told the Lok Sabha in a written reply.
However, there was no mention of the amount, either for a year on year expenditure or total.
Corporates can invest in technology business incubators or contribute to research efforts carried out by institutions and national research laboratories as a part of their CSR, the Minister added.
Several steps have been taken to attract the private sector to invest in R&D such as incentivising 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, the reply said.