S Jaipal Reddy, science and technology minister, government of India
The Department of Science & Technology (DST) and Confederation of Indian Industries (CII) on July 12, 2012 released a white paper on Stimulation of Private Sector's investment into Research & Development. Union Science & Technology and Earth Sciences Minister, S.Jaipal Reddy was present on this occasion.
Speaking on the occasion, Mr Reddy said business enterprises are one of the main source of innovation. They play a significant role in funding and performing R&D in most countries and, more than ever, governments seek to increase business investment in R&D and innovation. Global competition has led countries to seek to boost the innovative capacity of the business sector.
The minister said Government of India has laid high emphasis on attracting investment of private sector into R&D to match public investments (that is 1% of GDP each by Government and Industry) before the end of 12th Five year plan. The minister referred Prime Ministers' appeal to the Private Sector to invest into R&D and match the public investments into R&D in this regard. He said Science Technology and Innovation Policy 2013 enunciated by the Prime Minister during the Indian Science Congress this year also gives emphasis on attracting private sector investment in R&D. The minister further called upon the private sector to work together with public sector in PPP mode for the public good and happiness of the people of India.
He said size of the 12th Plan for S&T sector has been estimated with a public investment of Rs. 1,20,430 crores. Given the current levels of investment of the private sector, an approximately 8 fold increase in the engagement of the private sector into R&D would become necessary. This is an ambitious goal for both the government and private entrepreneurs.
The minister said as a follow-up of the recommendations of the sub-committee on PM's Council on Trade and Industry for PPP for R&D and clean energy, a "Joint Committee of Industry and Government for stimulating investment of private sector into R&D" was constituted by the Department of Science & Technology for co-development of a white paper for addressing the needs for stimulation of the private sector investment into R&D in India.