Budget 2022: More funding, setting up NRF; here’s what R&D industry expects

The Government has taken several steps to promote science and research and development in India. This, in turn, has led to a large number of research papers being published in the country. Due to this, experts expect the government to incentivise the private sector companies and high net-worth individuals (HNIs) to fund R&D in universities and research institutions among others.
 
“The Government in recent years has taken giant strides in promoting science and research in India. These steps have reflected in the increase research output and publication of research papers from India. India is fast gaining global recognition for the quality of research it has produced. While the Government is leading the way through initiatives like setting up the NRF (National Research Foundation), it would be good to see how the Government can incentivise the private sector and HNIs to fund R&D in universities and research institutions, to take India to the next level,” said Abhishek Goel, CEO and co-founder of the scientific research firm CACTUS.
 
Besides setting up National Research Foundation and incentivising the private sector, field experts also believe that strengthening research and development in the biotechnology sector can play a vital role in ensuring affordable preventive healthcare for all.
 
Thus, experts believe that the government should move positively to recognise the important role genetic testing including DTC Genetic testing.
 
“In the 2022 Budget, we feel that the government should move positively to recognise the important role genetic testing including DTC Genetic testing can play in preventive healthcare. We would highly welcome any measures to boost private-sector R&D in the biotechnology segment in the manner it rightly deserves. This will go a long way towards making quality preventive healthcare affordable,” said Surendra K Chikara, founder and CEO of the biotechnology firm Bione.

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