Govt encourages industries to undertake research: Minister

Government encourages industries, including central public sector enterprises (CPSEs), to undertake research and development (R&D) activities to become competitive in domestic and global markets, Lok Sabha was informed today.

Heavy Industry Minister Anant Geete said R&D is included as a parameter by the CPSEs in the Memorandum of Understanding, a mutually negotiated annual agreement between CPSEs and government, and for this purpose guidelines on R&D have been issued on September 23, 2011.

"These guidelines are a character on activities, projects, expenditure, documentation and monitoring of R&D initiatives by CPSEs," he said during Question Hour.

Geete said government has been announcing a number of incentives for enhancing R&D in the industrial sector which are also applicable to CPSEs, including fiscal incentives under Income Tax Act, Customs Duty Exemptions, Central Excise Duties waive etc.