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Amend rules to boost venture capital: Mashelkar

The Reserve Bank of India and the Securities Exchange Board of India should initiate steps to amend financial rules and regulations to allow the flow of funds towards venture capital, Council of Scientific and Industrial Research Director General R A Mashelkar said today.

"No technology is fully developed unless it is linked to intellectual use. We must have an innovation strategy developed and it cannot be a unilateral strategy since the new wars will be fought with knowledge." To promote such a strategy there was greater need for venture capital funds, he told an international conference in Bangalore.

He said in the United States, the flow of funds towards venture capital was nil seven years ago, but now it was about $ 4 billion.

Dr Mashelkar said efforts should be made to explore the utilisation of smart materials instead of keeping them in laboratory. Technological barriers like lack of wide performance, large power requirements, robots etc., had to be overcome.

He said smart materials was a field which had tremendous opportunity. However, steps should be taken to overcome the barriers inside as well as outside.

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