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TREND: Adding Spice to India’s Idea Economy

TREND: Adding Spice to India’s Idea Economy

India’s Science & Technology Ministry recently drafted the National Innovation Act of 2008 calling for the designation of industry-specific innovation zones. The government will give companies located in the areas incentives to develop new software and pharmaceuticals, among other products. The bill, yet to be passed by India’s Parliament, provides tax breaks for angel investors. It also includes policies to tighten protection of intellectual property, a move meant to encourage foreign investors to support original R&D projects on the subcontinent, where pirating is a problem. Considered likely to pass, the measure aims to stimulate India’s growth by requiring inventions in the parks to be for commercial, not academic, use.