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April 15th, 2008
Indian spin-outs set to flourish
Abstract:
The new law is also underpinned by year on year increases to the science budget and recent efforts to improve patent protection for new drugs.
At 0.8 per cent of GDP, Indian science spending still lags behind China and most OECD countries. But this year's budget of 242 billion rupees (£3 billion) is a fifth higher than the 2007 budget, which was also a fifth higher than science spending in the previous year. Even small colleges can now expect to receive up to two million rupees to improve infrastructure such as labs and teaching facilities.
'Today an assistant professor can ask for 10 million rupees for research and committees are willing to consider the request,' says Thalappil Pradeep a chemistry professor at IIT Madras who has just launched a firm that will use proprietary nanotechnology to purify water. 'Money is not a deterrent anymore.'
Source:
rsc.org
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