Tech Development Board Formed
Science and technology chairman V S Ramamurthy will be the chairman of the technology development board. It includes secretaries of the departments of defence research and development, industrial development, rural development, expenditure and scientific and industrial research.
The board also includes an eminent industry leader Ashok Ganguly, noted economist Atul Sarma, agriculture scientist S K Sinha and technologist R Narasimha. Minister of science and technology Y K Alagh has directed the chairman of the board to popularise the functioning of the board among industries, institutions and entrepreneurs. The board will encourage development of indigenous technologies and also broadbase the use of imported technologies and for further improvision.
The board will extend financial assistance in the form of grants, contribution to equity and loan to the industrial concerns and other agencies working in the field of development and commercial application of indigenous technology and adapting imported technology to wider domestic application.
The government has provided Rs 30 crore to meet the objectives of the board during the current financial year. The intention to form the board was announced by former finance minister Manmohan Singh two years ago.
The board will be the decision making authority on how to utilise the 5 per cent cess charged to imported technology. The money so raised will be used for developing indigenous technology.