Industry & Economy
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Exports & Imports
TDB to receive entire cess on technology imports by 2006-07
Our Bureau
New Delhi
,
May 13
THE Finance Minister, Mr P. Chidambaram, has said that the entire cess on import of technology collected till date would be passed on to the Technology Development Board (TDB).
He said the shortfall of Rs 481 crore will be met partially this fiscal and fully by the next fiscal. Since 1996-97, the Government had been imposing a cess on import of technology. While the Government has collected Rs 916 crore on account of the cess, it has disbursed Rs 435 crore to the TDB.
"I promise to make good the shortfall partly in the current fiscal and remaining in the next fiscal," he said at the National Awards Function on Wednesday.
Earlier, the Science and Technology Minister, Mr Kapil Sibal, said, "Since inception in 1996-97, a total amount of Rs 916 crore has been collected and deposited in the Consolidated Fund of India. Of this amount, TDB has been allocated Rs 435 crore so far."
"Budget allocation is not a constraint for science and technology. The Government will continue to support the technology development," Mr Chidambaram said. With intellectual property rights regime, he asked India Inc to step up R&D spends and convert the emerging challenges into opportunities, as has been done by pharma companies.
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