Budget should allocate more funds for research, says Kris Gopalakrishnan

The upcoming Union Budget should allot more funding for both basic and translational research, and address the issue of angel tax, said Infosys co-founder and angel investor Kris Gopalakrishnan.

Speaking on the sidelines of the inaugural function of Deshpande Gopalakrishnan Symposium on Innovation and Entrepreneurship in Chennai, Gopalakrishnan said, "I strongly believe that funding for research has to increase. It is currently 0.8 per cent of GDP and I think we should take it up to two to three per cent." The private sector also has to contribute as it gives only 0.2 per cent, he said. Funding should be both for basic research and applied research, he said, adding that while, basic research will deliver a long-term value, it is equally important to focus on both basic and applied research.

The organisations should also be empowered to have budgetary control over the funding, he said. "It is not only about allocating the money, but also to give authority to spend that money."

His another expectation from the Budget was addressing the issue of angel tax, which is impacting the start-up ecosystem. Commenting on the translational research and industry collaboration in educational institutions, he said, in the country a system should evolve to measure contribution of the faculty in translational research and industry academia collaboration, including working with incubation centres and start-ups.