Business Daily from THE HINDU group of publications
Sunday, Jan 28, 2007
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Business Daily from THE HINDU group of publications Sunday, Jan 28, 2007 ePaper |
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Industry & Economy
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Excise and Customs Increase R&D spend to 1 pc of GDP: CII Our Bureau
In the coming fiscal, the Government should increase its R&D spend from the existing 0.8 per cent to one per cent. The present weighted deduction of 150 per cent on expenses incurred on in-house scientific research by specific sectors should be extended to all industry segments, CII said in its suggestions for the Budget to the Finance Ministry. Further, to encourage public private partnership in R&D and effectively utilise the public sector science and technology capacity, the chamber suggested that the 150 per cent weighted deductions be extended to all R&D commissioned by firms in academic institutions and public sector R&D laboratories. The chamber urged that the weighted deduction of 150 per cent be extended for a further period of at least 10 years. Keeping in mind the large role small and medium enterprises (SMEs) play in the economy and their specific R&D requirement, the chamber suggested the creation of a Central fund primarily for use of SMEs. This fund should be created by an endowment from the Union Government to begin with, it said.
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