Union Budget 2013: Rs.200 crore fund to take innovations to people

Last Updated: Thu, Feb 28, 2013 12:00 hrs

The science and technology sector got an enhancement of 12 percent in the union budget while a dedicated fund of Rs.200 crore has been allotted to bring the benefits of scientific innovations to common people, Finance Minister P. Chidambaram said Thursday.

"Despite our constraints, we must find resources for departments of science and technology, space and atomic energy," said Chidambaram, allocating them Rs.6,275 crore ($1,170 million) compared to Rs.5,030 crore ($938 million) in 2012, an increase of 24 percent, in the budget.

"While we extol the virtues of science and technology, I think we do not pay enough attention to science and technology for the common man," he said.

The finance minister said that with the help of ministry of science and technology and the principal scientific adviser, he has identified a few amazing scientific innovations.

"I propose to set a Rs.200 crore to fund organisations that will scale up and make the products available to the people," he said.

He said the National Innovation Council (NIC) will look at the management and application of the fund.

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