Nirmala Sitharaman the finance minister of the Union. On Sunday, said that corporate social responsibility (CSR) funds should be used in R&D to promote innovation and university-company collaboration.
According to the rules
Every company has to spend 2% of its average net profits from the last three years on CSR projects.
“Spending this much SCR on research is paying off in a big way, and this should continue.” I think the Indian government’s policy has also helped move things forward in these areas,” the minister said.
She discussed CSR’s meaning and long-term research collaboration with industry leaders and students at IIT Madras’ CSR summit.
Only through IITs, the department of science and technology (DST) has given Rs. 27,000 crore to R&D. In addition, DST has spent Rs 53,000 crore on innovations at non-IIT institutions across the country. “Start-ups get a discount of almost 80% on the costs of filing patents. India has always put money into knowledge and this government has been looking at how India can become a knowledge-based society since 2014.
Sitharaman opened the National Centre for Precision Medicine in Cancer, which received funding of Rs 29.73 crore from Karkinos Healthcare.
Sitharaman also took part in the ceremony to lay the foundation stone for the nine-story ‘Vaigai’ Customs House Complex here. Finance Minister said that the government is committed to improving trade facilitation for all stakeholders including Customs Department employees and people involved in the trading communities.
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Nirmala Sitharaman that the country could benefit from trade facilitation and also set standards for how its customs or tax officials do their jobs.
Nirmala Sitharaman said that these days a lot of thought goes into how energy-efficient a new building will be so that it doesn’t pollute or bother anyone.
“There was a time when we thought that we had to build office space based on officers, staff, and requirements. “These days we also look at how green our buildings are going to be and how energy-efficient they will be,” she said.
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