Govt to set up Scientific Research Funding Agency

Finance Minister P. Chidambaram on 17 Feb 2013, while presenting the interim budget for the fiscal 2014-15 in the Lok Sabha announced several flight tests, and launch of navigational satellites and space missions for 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, navigation, meteorological and communication satellites, and are largely self-reliant,” he said. “Several flight tests, navigational satellites and space missions are planned for 2014-15,” he added.

The FM also announced that a ‘Research Funding Organisation’ is to be set up to fund research projects selected through a competitive process. He also said that 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,” the FM said.

Chidambaram had announced to set up a Rs 2,000 crore fund in his budget for 2013-14 as well, so as to boost scientific innovations that can improve the life of common man.