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To promote scientific research, Finance Minister P Chidambaram in his interim budget for 2014-15 today said a research funding body will be set up and contributions made towards the organisation will attract tax benefits.
"Now, a Research Funding Organisation is to be set up to fund research projects selected through a competitive process," Chidambaram said while presenting the interim budget in the Parliament today.
He said the government has passionately espoused the cause of science, promoted scientific research and supported scientific applications and inventions.
Further, he said that contributions to that organisation will be eligible for tax benefits.
"This will require legislative changes which can be introduced at the time of the regular budget," he added.
Chidambaram had announced to set up a Rs 2,000 crore fund in his budget for 2013-14 as well, so as to boost scientific innovations that can improve the life of common man.
