STIP plans to set up a financial authority and a bank for financing in key areas
The 2020 Science and Technology Policy Project proposes to establish a national STI financing authority and an STI development bank that can respond to long-term investments in selected strategic areas.
According to the project, to put in place effective governance mechanisms for the science, technology and innovation (STI) funding landscape, a national STI funding authority will be created. The centralized authority will help to strengthen financial expenditure.
A corpus fund will also be created to invest in various long and medium term projects, commercial enterprises, start-ups, technology diffusion and licensing to address the priority areas identified in the STI ecosystem, indicates politics.
In addition, central ministries and associated departments without dedicated R&D units will establish relevant divisions to increase the overall R&D budget and the scope of the allocation.
“An STI development bank will be created to direct long-term investments in selected strategic areas,” says the project.
It also proposes to rationalize the STI financial ecosystem by strengthening and granting greater autonomy to existing funding bodies with the aim of promoting sectoral research as well as interdisciplinary and multidisciplinary research.
“Appropriate mechanisms for funding decisions based on responsible peer review and a balanced composition of the expert committee in terms of experience, age and gender will be strengthened,” the policy says.
The incentive system will be characterized by effective governance to ensure ease of accessibility for private actors, he adds.
Modification / waiver of general financial rules, for large-scale mission mode programs and projects of national importance will be explored and a new model for financing, implementing and monitoring these programs will be developed, either by as an overall mechanism, or by obtaining cabinet approvals in accordance with individual programs.
In addition, certain GFRs will have to be modified for the financing of R&D projects in order to facilitate research.
The policy also proposes the formulation of a mechanism for the timely disbursement of grants and regular networking and communication between funding agencies. The disbursement of research grants for scientific projects, scholarships to university researchers and grants to students carrying out advanced research and higher education are crucial measures to ensure excellence in scientific research.
DST, in collaboration with the Office of the Chief Scientific Advisor, initiated the STIP 2020 formulation process last year. The policy was due to be released by the end of the year, but was delayed slightly due to the coronavirus pandemic.
The STIP project was posted by the Department of Science and Technology (DST) on its website. The DST also invited suggestions, contributions and comments to make changes by January 25.
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