Rs. 1 Mn. Prize

Sri Lanka which has a poor record in venture capital lending, had another suggestion thrown up, micro venture capital lending!
Professor Anil Kumar Gupta of the Indian Institute of Management, Ahmedabad made this suggestion to reporters here on Tuesday (December 13) prior to the delivery of the inaugural Ray Wijewardene memorial lecture in Colombo later during that day. He told this reporter the Sri Lanka state spend of 0.19% of GDP on research and development (R&D) was too little. The state should take the lead in R&D spend, said Gupta. In India R&D spend is under 2% but that’s also little, he said.Meanwhile former Moratuwa University Vice Chancellor Malik Ranasinghe said that the University allocates 2% of its budget for R&D which works out to between Rs. 17-20 million. Additionally the last two budgets have offered tax relief to companies on their R&D spend, he said. Meanwhile the Trust plans to offer a price of Rs. one million for innovation beginning from next year, with corporate funding expected in this regard.

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