Vittal advocates fund for patents

NEW DELHI, March 11: India should set up a Rs 100-crore venture capital fund to help Indian companies and scientists get patents in the United States and other developed countries, said N Vittal, chairman, Public Enterprises Selection Board (PESB).

"If we are able to set up such a fund, we will be able to encourage technologists and also provide a business opportunity for Indian companies to take on world markets," Vittal said.

"India has about 100 world-class products and technologies, but unfortunately no patents, especially in the United States and other developed countries," Vittal said. He was delivering the foundation day lecture of the Indian Oil (IOC) Research and Development Centre in the city recently.