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Home arrow News arrow Govt. levys, taxes and budget arrow Budget 2008 : Innovation, R&D and skill development
Budget 2008 : Innovation, R&D and skill development Print E-mail
Written by Ganesh   
Sunday, 02 March 2008
New Delhi: In order to promote outsourcing of research, a weighted deduction of 125 % has been allowed on any payment made to companies engaged in R & D. They will be allowed a weighted deduction of 150 per cent on any expenditure on in-house research as available hitherto to companies engaged in certain businesses.

Non profit corporation proposed to launch world class skill development programme

Emphasising the need to launch a world-class Skill Development Programme in Mission Mode, that will address the challenge of imparting the skills required by a growing economy, the Finance Minister Shri P Chidambaram, while presenting the Budget proposals for the year 2008-09 in the Lok Sabha today, proposed to establish a non-profit corporation and entrust the mission to that corporation.

He said, “it is my intention to garner about Rs.15,000 crore as capital from Governments, the public and private sectors, and bilaterial and multilateral sources”. To begin with, he proposed to put Rs. 1000 crore as Governments’ equity in the proposed non-profit corporation. He stressed that both the structure and the leadership of the mission must be such that the programme can be scaled up quickly to cover the whole country.

750 crores for upgradation of 300 industrial training institutes

In anticipation of upgrading 300 more Industrial Training Institutes (ITIs) in 2008-09, the Finance Minister, Shri P Chidambaram has proposed to provide Rs.750 crores in the Union Budget. While presenting the Budget proposals in the Lok Sabha today, he said that the upgradation of ITIs is proceeding apace. Under the World Bank assisted scheme, 238 ITIs are undergoing upgradation. Under the public private partnership scheme, 309 ITIs in 29 States have been identified with corresponding industry partners and agreements have been signed in 244 cases, he informed.

 
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