The Central government of India plans to come out with a legislation to pave the way for commercialisation of technologies discovery by Indian universities and research institutions to create a strong domestic biotech industry.
The proposed legislation would give Indian universities and institutions such as the Indian Council of Medical Research and CSIR the ability to stake claims on discoveries they make for commercialisation on a large scale through government funding and otherwise.The setting up of a venture capital fund to help promote funding of early stage innovations by young scientists and engineers to ensure domestic growth is thus much favored.In a statement , Mahendra K Sanghi, President, Assocham, called for conversion of research into making of products that can generate wealth for the nation. He also said the sweat of scientists and research scholars should be converted into debt equity to make them entrepreneurs.
