Role of Government in Encouraging Innovation

2867 WordsFeb 4, 201212 Pages
ROLE OF GOVERNMENT IN ENCOURAGING INNOVATION 12/4/2011 Strategic Innovation Management Authored by Nandini Kapur (D326) Kanika Katyal (D325) ROLE OF GOVERNMENT IN ENCOURAGING INNOVATION ROLE OF GOVERNMENT IN ENCOURAGING INNOVATION S T R AT E G I C I N N O VAT I O N M A N A G E M E N T Contents EXECUTIVE SUMMARY ........................................................................................................ 2 INTRODUCTION................................................................................................................... 3 SCIENCE AND TECHNOLOGY POLICY ................................................................................. 4 STATE INDUCED INCENTIVES FOR INNOVATION…show more content…
Such policies can reward or deter entrepreneurial quest, can either encourage or be an impediment to innovation. Page 3 ROLE OF GOVERNMENT IN ENCOURAGING INNOVATION SCIENCE AND TECHNOLOGY POLICY Since independence from the British rule in 1947, India has been investing a significant part of its resources, in creating quality institutions of higher education and research. In 1958 Indian Government passed a “Scientific Policy Resolution 1958”, which stated: “The key to national prosperity, apart from the spirit of the people, lies, in the modern age, in the effective combination of three factors, technology, raw materials and capital, of which the first is perhaps the most important, since the creation and adoption of new scientific techniques can, in fact, make up for a deficiency in natural resources, and reduce the demands on capital. But technology can only grow out of the study of science and its applications.” In keeping with this objective the Government has established a number of scientific publications in regional languages for school children and other groups in the society to increase scientific awareness in India. These publications are available to public at large mostly at subsidized, affordable rates. Finally, in 2003 a “Science and Technology Policy” was announced, which recognized “the changing context of the scientific enterprise”.
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