There is hope for R&D in India

As we all are aware Income Tax benefits u/s 35 (2AB) pertaining to DSIR approved companies which have received Form 3CM with tax deduction of 150% is scheduled to be wound down to 100% by end of FY 2019-20 i.e. 31st March 2020 and it has the entire manufacturing and research based companies aghast at this move.

On one hand we talk of Make in India but on the other hand there is no financial incentive to Design & Develop in India?
We have been trying to get the voices of the Industry & Research community including international partners to the Government so that they can understand the sheer loss of growth, highly skilled jobs and innovation in this country if we go down that path.

The Founder of SCPL, the parent company of DSIR.in had an opportunity to meet the Principal Scientific Advisor (PSA), Prof. Vijay Raghavan to Govt. of India in last week of August 2019 whereby the industry view and international practices around R&D incentives was shared with him and his team.

He sounded cautiously optimistic and mentioned that they are working with the Finance Ministry to find a way out and restore the R&D incentives provided to Industry.
All is not lost and there is still hope for R&D in this country.

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