New Delhi: Emphasising on the fact that adequate funding is critical for science, Prime Minister Manmohan Singh on Monday said that increasing private sector investments in research and development remains a challenge.

Speaking at the release of a book compiled by the Scientific Advisory Council, PM said that adequate funding is critical for science, and our government has accorded high priority to this aspect.

"Unfortunately, private sector investment into research and development has not grown fast enough for us to double the overall national investments into research and development from the current level of 1 percent of Gross Domestic Product (GDP) to 2 percent," PM said.

"Increasing private sector investments into research and development and making possible conversion of knowledge into value and wealth remains a challenge that I would like the Council to look into," he added.

(Agencies)

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