21. Science and technology is the key to economic progress and prosperity. Indian scientists and technologists have accomplished a great deal, especially in the areas of agriculture, space, atomic energy and defence. There is now need for a massive renewal of our science and technology infrastructure.
22. I propose to extend a matching one-time grant for the modernisation of the laboratories and institutes of the Council of Scientific and Industrial Research (CSIR) and the Indian Council of Agricultural Research (ICAR). I will match every commercial rupee that the CSIR and ICAR earn incrementally in the next two years with another rupee from the Budget.
23. I also propose to strengthen the Fund for Technology Development and Application which was created in 1994- 95 to help indigenously developed technologies reach the stage of commercial application. The interim Budget had provided Rs.10 crore. As a demonstration of this government's commitment to science and technology, I am immediately making available Rs.30 crore. The Department of Science & Technology will announce the constitution of the Technology Development Board shortly.
