Currently, funds allocated towards R&D are just 1 per cent of the GDP and of this amount, more than 80 per cent is spent by PSUs and government bodies
Private companies should come forward and invest more in Research and Development (R&D) activities, Commerce and Industry Minister, Daggubati Purandeswari, said here on Saturday.
Currently the funds allocated towards R&D are just one per cent of the national GDP and of this amount, more than 80 per cent is being spent by public sector companies and government bodies, she said.
“People often blame government for not allocating enough funds for R&D. To ensure development of the country, private sector should come forward and encourage innovation and R&D,” Dr. Purandeswari said while speaking at the annual day celebrations held at Muffakham Jah College of Engineering and Technology (MJCET).
The country had made huge strides in the field of education and to sustain further development there is a need to spread literacy to remote parts and help them become productive.
“To achieve this we should develop better infrastructure, recruit efficient faculty and encourage education of girl child,” she said.
Education and research are two key areas that define the future of our country and special emphasis should be laid on them, she said.
Sultan-ul-Uloom Education Society (SUUES) chairman, Khan Lateef Mohammed Khan, vice-chairman, Waliullah, secretary, Zafar Javeed and other members of the Society and MJCET adviser and director Basheer Ahmed participated in the event.
Speaking on the occasion, Dr. Ahmed enumerated the performance and achievements of MJCET students during the past year.
“We organised workshops and events in collaboration with various institutions and college teams have also won laurels in national level events in both academic as well as sports competitions,” he said. SUUES secretary Zafar Javeed said the Society was taking all steps to increase the national ranking of the college.
“This college stands at 57 rank in the country and is the top minority college in the State,” he said.
Later meritorious students received medals and trophies from Dr. Purandeswari.