The Central government will set up a `5,000-crore fund under the public private partnership (PPP) model to finance research and development (R&D) in India.
The fund will provide grants for commercialisation of innovations from joint R&D between the private and public sector. The plan is to scale up the total spending on R&D from the current 0.24 per cent of GDP to at least 1.5-2 per cent in the course of time.