New Delhi: India will triple spending on research and development related to science and technology during the Twelfth Five Year Plan starting April this year, Minister of State for Science and Technology Ashwani Kumar said Tuesday.
"The prime minister has approved a vastly enhanced capital outlay for research in science and technology. The expenditure in the sector will be almost tripled from Rs.33,000 crore in the Eleventh Five Year Plan to around Rs.90,000 crore in the Twelfth Five Year Plan," Kumar said on the occasion of National Science Day.
He said India would be allocating two percent of its gross domestic product (GDP) for research in science and technology in the Five Year Plan from April 2012-March 2017 against the current spending of 0.98 percent.
The ministry has also taken steps to ensure much larger contribution by private sector in research and development expenditure.
"In majority of countries, private sector contributes two-thirds of total expenditure in research in science and technology while public sector gives one-third. But in India, it is reverse as majority of funding comes from government and this needs to be changed," he said.
The minister said he had held meetings with top companies to address the issue and a task force has been set up.
He said the focus of ministry was in areas of nano-sciences, genomics, neuro sciences, biotechnology, clean technology and water.