Technology, research activities get Rs 3,176 m from budget

Priyanka KURUGALA

The government has allocated Rs 3,176 million from the 2012 budget to develop technology and research activities, Technology and Research Minister Pavithra Wanniarachchi said.

The government has also planned to provide facilities for new inventions in all related sectors, she said.

It is also proposed to allocate an additional Rs 500 million to the National Science Foundation to provide incentives with the small and medium sector in mind, for specialized research activities, she said. The minister said students will also be encouraged to take to research activities.

"Plans are also underway to increase the number of researchers in universities and research institutions from 4,000 to 20,000 by 2020," Wanniarachchi said. Institutions engaged in research and technology activities will be exempted from VAT while the income tax will be reduced to 20 percent, she said.