Scope for venture capitalists to support small, medium cos
New Delhi, March 29
The Government would encourage development of nanotechnology through policies, said Mr Pawan Kumar Bansal, Minister of State for Finance, here on Wednesday.
However, the sector also needs public-private partnership (PPP) for its development, he added. The Minister was speaking at a session on `Nano Financing and Policy' at the Nano Bio Summit organised by the industry chamber Assocham.
The PPP model could be supported by policy announcements by the Government as the Government itself may not be able to make sufficient investments in the field, Mr Bansal said. He also emphasised the role of venture capital for the development of the sector.
``There is need of venture capitalists to come in a big way to support small and medium companies in the field of nano technology,'' the Minister said.
While deliberating on the need for more research and development in the field, he said it would yield rich dividend as products developed using nanotechnology will be cost effective.
The Minister asked scientists, industry bodies and entrepreneurs to make recommendations to the Government for framing of appropriate policy to promote use of the technology.
Stressing on the application of nanotechnology in areas such as biotech, medicine and agriculture, Mr Bansal said the technology could lift these sectors to new highs.
In his address, Mr V. Krishnamurthy, Chairman, National Manufacturing Competitiveness Council, said that if the country had to increase the growth of the manufacturing sector from 12 per cent to 14 per cent, we would have to make our industry competitive by providing incentives and encouraging them to adopt new technologies such as nanotechnology, which is bound to bring about the next industrial revolution. He also said that he would examine all the recommendations made at the ongoing summit and pursue them at the highest level.