GOI released draft draft Science, Technology and Innovation Policy on 1st January. Highlights:
Broad vision- To double the number of Full-Time Equivalent (FTE) researchers, Gross Dimestic Expenditture on R&D (GERD) and private sector contribution to the GERD every 5 years.
Open Data Policy for Publicly Funded Research: All data used in and generated from public-funded research will be available to everyone (larger scientific community and public) under FAIR3 (findable, accessible, interoperable and reusable) terms. Wherever applicable, exceptions will be made on grounds of privacy, national security and Intellectual Property Rights (IPR).
Transforming existing R&D institutions to research universities. This will foster better linkages between research and education and also enable effective utilization of research infrastructure.
Foreign MultiNational Companies (MNCs): Foreign MNCs play an integral role in boosting India’s economy. To gainfully measure and assess the contributions made by foreign MNCs in the STI financing landscape, innovative methods to capture them will be developed.
Boosting fiscal incentives for industries investing in STI through incremental R&D based tax incentives, tax credit for investing in facilities for commercialization, tax holidays, tax waivers, target-based tax incentive for specific domains, tax deduction, expatriate tax regimes, remodelling of patent box regime etc. There will be a reassessment of the possibility of reviving weighted deduction provisions (of expenditure incurred on in-house R&D).
Flexible mechanism for supplier development programmes for public procurement in all sectors (especially earmarked for Small & Medium Enterprises - SMEs and Start-ups).
Reassessment of regulatory control on STI landscape to promote innovative enterprises. It is recommended that the Central Government re-examine and widen the scope of R&D expenditure. Further, the government may determine the right mix of loan, equity and grants to assist Indian industries for technology up-gradation and commercialization. Further, to attract Foreign Direct Investment (FDI) in STI, reduction in corporate tax rates for foreign MNCs, fast track clearances, easing land acquisitions, adequate means for incorporating FDI etc. will be explored on a need basis.
To undertake efficient governing mechanisms for the STI funding landscape, a national STI Financing Authority will be created.
Modification/waiver of General Financial Rules, for large scale mission mode programmes and projects of national importance will be explored. A new model for funding, implementation and monitoring of such programmes will be developed, either as an overarching mechanism or through obtaining cabinet approvals in respect of individual programmes. In addition, certain GFRs will be required to be amended for funding of R&D projects to facilitate ease of doing research.
Commentary:
A great compilation of wish list. There is something for every stakeholder. STI Financing Authority , modification/ waiver of GFR are radical proposals in Indian context.
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