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Role & Importance of Public Funding in Supporting R&D

Rajiv K. Tayal, Department of Science & Technology, Technology Bhawan, New Mehrauli Road, New Delhi, India

The level of expenditure incurred on research and development plays a significant role on the overall health and long term sustainability of the economy of a nation. Public funding plays an important role in supporting and sustaining research and development. The role is more direct and feasible in case of basic research carried out primarily in academic institutions. Nevertheless, the impact of public funding can also be established through an indirect correlation with the research carried out in research laboratories and in industries. Similarly, the role of public funding could be more critical in case of R & D activities in a developing economy than in a matured economy.