In September 1966, The Government Of India constituted the Technology Development board under the Technology Development Board Act 1995. The aim of the board is to promote the development and commercialization of new and unique technology and adapt to foreign technologies for a wider application.
Technology Development Board is chaired by the secretary of the Department of Science and Technology. There are also six ex-officio members and four nominated members. Technology development promotes new ideas and helps new entrepreneurs to get funding.
What are the objectives of the Technology Development board?
The important objectives of the technology development board are:
1. To stimulate new and unique ideas from small firms, even if there is a risk of failure.
2. To advance the production of competitive consumer products.
3. To launch industries for product innovation.
4. To develop profitable technologies.
5. To recognize and act in the domains that need new and strategic innovations.
6. To make investments in core technological strengths to help the Indian industry to become a global power.
What are the functions of the Technology Development Board?
1. Facilitate the interaction between industries, scientists, and other experts.
2. Encourage an innovation culture by enabling cooperative research between industries and institutions.
3. Providing the companies with an interface with banks and financial institutions for funding.
4. Creating a new generation of entrepreneurs.
5. Assisting partnerships with other technology financing institutions.
6. Generating new job opportunities.
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