Finance Minister P. Chidambaram Monday announced the setting up of an organisation to fund research projects.
The finance minister made the announcement while presenting the interim budget for the fiscal 2014-15 in the Lok Sabha.
"The government has passionately espoused the cause of science, promoted scientific research and supported scientific applications and inventions. Now, a 'Research Funding Organisation' is to be set up to fund research projects selected through a competitive process," he said.
Chidambaram added that contributions to the organisation will be eligible for tax benefits.
"This will require legislative changes which can be introduced at the time of the regular budget," he said.
