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News >> Technology >>
Nasscom says govt may power IT innovation
By agencies
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Thursday, 08 December 2005, 20:30 IST
BANGALORE: IT body Nasscom today said that its suggestions of giving loans to software product start-ups to cover high patenting cost and fiscal incentives for angel investors has been accepted by the government.
National Association of Software and Service Companies President Kiran Karnik said the suggestions evoked a "positive reaction" and expressed hope that they would make announcements during the coming Union budget.
The government may not have to spend more than $100 million as support to product start-ups for filing global patents, he said.
The industry body had suggested extending loans to product companies who file for patents and if patent was granted, loan could be converted into grants or else be repaid.
As a fiscal incentive to angel investors, the government could work out a mechanism by which if a product fails, then the government would reimburse 60 percent of the money invested by investor in its development.