The Finance Minister, Shri P. Chidambaram said that 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. This was proposed by the Finance Minister, Shri P. Chidambaram while presenting Interim Budget 2014-15 in Parliament here today. 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.

Research funding organisation to finance competitively selected projects, with contributions to receive tax benefits after legislative change. Establishment of a Research Funding Organisation is proposed to finance research projects selected through a competitive grant process, with contributions made eligible for tax benefits; implementing the tax incentive requires legislative amendments to be introduced with the regular Budget.