Friday, Mar 29 2024 | Time 12:47 Hrs(IST)
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Business Economy


Now corporate houses can fund state-backed incubators having specialisation in science & technology: Sitharaman

Panaji, Sep 20 (UNI) Union Finance Minister Nirmala Sitharaman on Friday announced that corporate house can fund state-backed incubators having specialisation in science, technology, engineering and medicine.
Addressing a press conference in the city, she said the government had decided to expand the scope of CSR two per cent spending.
''Now CSR two per cent fund can be spent on incubators funded by central or state governments or any agency or public sector undertakings of central and state governments and making contributions to public funded universities IITs, national laboratories and autonomous bodies or established under the auspices of ICAR (Indian Council of Agricultural Research), ICMR (Indian Council of Medical Research ), CSIR (Council of Scientific and Industrial Research), Department of Atomic Energy (DAE), DRDO (Defence Research and Development Organisation), Ministry of Electronics and Information Technology engaged in conducting research in science and technology, engineering and medicine aimed at promoting sustainable development growth,'' she said.
Ms Sitharaman said the government would increasingly fund research as there was need for large investment in research and development.
''We are opening up CSR windo. Government recognised institutes is the idea. IIT receives fund from government but it is not a government institution in that sense... So if there is a science and technology with and SDG (Sustainable Development Goal) slant, CSR money will also go there,'' she said.
Explaining the decision, Union Revenue Secretary Ajay Kumar Pandey, who was present in the press conference, said, ''It is not just about spending by a government body. If there is a private pharma body and they want to do research in pharma, that two per cent they can assign to research with NCMR (National Centre for Microbial Resource) or IITs and they can do their own research with such institutions and derive benefits out of it.''
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