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Our Bureau

Dr R.A. Mashelkar (right), Director General, CSIR, and Mr M.K. Sanghi, President, Assocham, at a seminar in the Capital on Monday. - Ramesh Sharma

New Delhi , July 11

THE Government plans to come out with a legislation to pave the way for commercialisation of technologies discovered by Indian universities and research institutions to create a strong domestic biotech industry.

Inaugurating the Assocham (Associated Chambers of Commerce and Industry of India) seminar on `Happy Scientists: Happy Nation - How can we make our scientists rich?', the Director General, Council for Scientific and Industrial Research (CSIR), Dr R.A. Mashelkar, said it was the Government's idea that the country should have such a legislation to attract investments in the biotech industry for which the drafting exercise has commenced.

With the proposed legislation in place, Indian universities, institutions such as the Indian Council of Medical Research and CSIR will also be empowered to stake claims on discoveries they make for commercialisation on a large scale through government funding and otherwise, said Dr Mashelkar.

He said the much talked about bio fuel policy is in the offing as the Minister for Science and Technology had discussed it with the relevant authorities sometime last week.

Dr Mashelkar also favoured the setting up of a venture capital fund to help promote funding of early stage innovations by young scientists and engineers to ensure domestic growth.

In his address, the Assocham President, Mr Mahendra K. Sanghi, called for conversion of research into making of products that can generate wealth for the nation. He also said the sweat of scientists and research scholars should be converted into debt equity to make them entrepreneurs.

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