"It is a matter of great concern that in countries like India, there is very less investment made in the field of science and a meagre portion of our GDP is kept for the advancement of science which is not going to help if we aim at becoming one of the developed countries of the world," Professor Rao said at Kashmir University here.
He pointed out that development does not only mean economic progress of a country but also how much a country is developing in the field of science and technology.
He said it was a reflection on the mindset of policy makers and political leaders that there is no university from India which could find a place in the top 200 varsities of the world.
"However, I wish that with young and brilliant minds making inroads in our socio-political system, new policies will emerge and in two to three years, we may find at least five universities of India among the 100 top," Rao, who was awarded the country's top civilian honour in 2013, said.
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"Most of the scientists, researchers or even a student fails at the first attempt and in our country there is a trend that we rebuke these failures. However, this does not happen in advanced countries or in the West.
"They encourage such failures to restart their work and if we could emulate similar thinking in our society, we are sure to have some wonders in science," he said.
He also said that his "lab is open" for students of University of Kashmir in particular and for all Kashmiri students in general.