New Delhi February 18, 2014:- With an aim of boosting scientific studies in the country, the government today announced its decision to set up an organisation that will finance research and contributions to it will be eligible for tax benefits.
“We have reflected on a new approach to funding scientific research. I, therefore, propose to set up a Research Funding Organisation that will fund research projects selected through a competitive process,” Finance Minister P Chidambaram said while presenting the Vote-on-Account in the Lok Sabha.
He said contributions to that organisation will be eligible for tax benefits. “This will require legislative changes which can be introduced at the time of the regular Budget,” Chidambaram said.
Such an organisation has been overdue as there has been a feeling that enough encouragement is not being given to scientific research in India.
Chidambaram also said that after the successful Mars Orbiter Missin (MoM), several flight tests, navigational satellites and space missions are planned for the financial year 2014-15.
“India joined a handful of countries when it launched the Mars Orbiter Mission. We now have the capability in launch vehicle technology, cryogenics, and navigation, meteorological and communication satellites, and are largely self-reliant,” he said.
Referring to harnessing of nuclear power, he said the government aims to have an installed capacity of 10,080 MW in the XII five-year plan.
The Kudankulam Nuclear Power Plant Unit I, built with Russian help, is already generating 180 million units of power.
The 500 MW prototype fast breeder reactor at Kalpakkam is nearing completion. Seven nuclear power reactors are under construction with the aim of achieving an installed capacity of 10,080 MW by the end of the Twelfth Plan,” he said.PTI
