Government favors 30% royalty share for innovators

The Ministry of Science & Technology is planning to recommend to the finance ministry a proposal to grant a minimum of 30% royalty share to scientists whose innovations turn into commercial products.

This proposal could be included in the budget proposals for 2007-08.

Kapil Sibal, Union Minister for Science & Technology said in a statement: “This is necessary to encourage the commercialization of genuine innovations that can yield dividends to Indian exports, its domestic production and protect scientists involved in carrying out innovations.”

He also hinted at the fact that the Ministry had already discussed it with the Finance Ministry and they might soon forward a formal proposal to the ministry.

Sibal further said that Science & Technology Ministry has an annual budget allocation of Rs 500 billion which they believe is very less to achieve the aim to educate all the children of 6-14 years of age.