India to legislate Innovation Act modeled on America COMPETES Act

In an effort to enhance India’s position as a technology leader, India will soon be drafting a India Innovation Act which will spur innovation in the country. This Act will along the lines of the America COMPETES Act.

The America COMPETES Act which was signed into law in August 2007 focuses on three primary areas of importance to maintaining and improving United States innovation in the 21st century: (1) increasing research investment, (2) strengthening education opportunities in science, technology, engineering and mathematics from elementary through graduate school, and (3) developing innovation structure.

The India Innovation Act will also increase research investment and shore education potential in the field of technology, mathematics, science and engineering at the elementary to university level leading to development of innovation infrastructure.