Steps for the development of knowledge based industries

The Government of India has taken various steps for the development of knowledge based industries in the country. The major steps taken in this direction are as follows: • In the Union Budget 2014-15, the Finance Minister in his speech has inter alia announced as under: “In order to create a conducive eco-system for the venture capital in the MSME sector it is proposed to establish a ₹ 10,000 crore fund to act as a catalyst to attract private Capital by way of providing equity, quasi equity, soft loans and other risk capital for start-up companies”. “To establish technology centre network to promote innovation, entrepreneurship and agro-industry, a fund with a corpus of ₹ 200 crore is proposed.” • The Department of Science & Technology (DST), Government of India has set up National Science & Technology Entrepreneurship Development Board (NSTEDB) which supports Technology Business Incubators (TBIs) where innovation, technology and knowledge based industries are incubated and supported. • The Department of Biotechnology (DBT), Government of India has setup Biotechnology Industry Research Assistance Council (BIRAC), a Public Sector undertaking to foster and nurture innovation, research and entrepreneurship development in the Biotech Sector. This information was given by the Minister of State (Independent Charge) for Planning, Shri Rao Inderjit Singh in a written reply in Lok Sabha today. The Minister added that Planning Commission had constituted a Working Group on Micro, Small & Medium Enterprises (MSMEs) Growth for the 12th Five Year Plan (2012-17), under the chairmanship of Secretary (MSME) in May, 2011. The recommendations made by the Working Group were duly considered in formulating the strategy for ‘Promoting MSMEs’ in the 12th Five Year Plan that has been approved by the National Development Council (NDC)