Union government is now working to increase the funding in science and technology development under the XII Five Plan, from the current 0.9 per cent to two per cent. However, there is a rider as the government is now seeking a one per cent contribution to this from the public and private industry. The government is also coming out with the Nanotechnology guidelines in January 2013.

The government is making all efforts to give the much-needed fillip to science and technology developments in the country. In fact, it is now in a  discussion with the public and private sector to contribute funds equivalent to one percent of the country’s GDP during the 12th Five Year Plan, said Dr K Kasturirangan, Member (Science), Planning Commission.

As one of the dignitaries at the 5th Bangalore Nano, India's flagship event organized by The Department of Information Technology, Biotechnology and Science & Technology, Government of Karnataka and the Vision Group on Nanotechnology, Dr Kasturirangan said, “While the Centre would contribute one per cent, the remaining two per cent would have to be pooled in the private and public sectors. A decision in this regard is likely December end.”

The annual Bangalore Nano is spearheaded under the guidance of Prof. CNR Rao, FRS, National Research Professor; Linus Pauling Research Professor; President, Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR).

Even in the area of ensuring a substantial support comes in the industry Prof. Rao was who is also the chairman of the Prime Minister’s Science Advisory Council was playing a primary role in bringing this proposals to fruition, said Dr Kasturirangan.

In the area of nanotechnology research and development, the country would aggressively pursue collaboration with global majors in expanding its role in the field.

The nanotechnology policy guidelines by government of India which will be published in January 2013, would enable the public sector and the private sector to work together in enabling a successful knowledge enterprise, said  Dr T Ramasami, secretary, Department of Science & Technology, Government of India. He added that the current knowledge economy needed  fund infusion and therefore appropriate and improved investments were found wanting.

Spelling out the latest developments in the area of nanotechnology, Prof. CNR Rao said that while considerable developments were happening in the nanotechnology science like for instance a nano nose tool for breast cancer diagnostics which is undergoing the final stages of clinical trial, there was need to ensure that many more such products come to the forefront.

The stark reality is that despite the novel research pursuits in  nanotechnology, scientists were grappling with the viability of commercialization. “Though there was considerable biocompatibility in magnetic nano particles which is proving to improve the imaging quality there were concerns on safety issues, regulatory approvals, education-training of healthcare workers on nanotechnology besides scale-up in production, said  Prof. Arunava Gupta MINT Professor, department of chemistry, Centre for  Materials for Information Technology, University of Alabama at the 5th Bangalore Nano session on Health and Medicine.

Airing similar views, Prof. Martin Hegner, School of Physics, Trinity College, Dublin said that the scientists were exploring the new frontiers in bio-sensing and nano mechanical diagnostics for viral detection, genomics and proteomics research but all these were hinged on access to massive production to bring down the cost of product as high pricing was a challenges.