the goan I network
PANAJI
The decision of the central government which was announced in Goa on Friday by the Finance Minister will boost research and technology as the decision allows corporate houses to allot 2 percent of their Corporate Social Responsibility (CSR) spending to fund State-backed research institutes.
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said that 2 percent of the CSR fund can now be spent on incubators funded by the central or state government or any agency or public sector undertaking of the central or state government.
“Government is increasingly funding research, but there was a need for large investment for research and development in India. Expansion of the scope of the two percent CSR fund will now open a new window for large investment in research and development in the country,” Sitharaman said.
“The CSR contributions can be made to public-funded universities, IITs, national laboratories and autonomous bodies (established under the auspices of ICAR, ICMR, CSIR, DAE, DRDO, DST, Ministry of Electronics and Information Technology) engaged in conducting research in science, technology, engineering and medicine, aimed at promoting sustainable development goals,” she added.
Union Revenue Secretary Ajay Kumar Pandey said that pharma companies can now outsource their research to the National Centre for Microbial Resource or IITs.
