The Government of India constituted the Technology Development Board (TDB) in September 1996, under the Technology Development Board Act, 1995, as a statutory body, to promote development and commercialization of indigenous technology and adaptation of imported technology for wider application. The board consists of 11 Board members. The Government reconstituted the Board in March 2000.
The TDB is the first organization of its kind within the government framework with the sole objective of commercializing the fruit of indigenous research. The Board plays a pro-active role by encouraging enterprises to take up technology oriented products.
Provides equity capital or loans to industrial concerns and financial assistance to research and development institutions. The loan carries a simple interest rate of 5% per annum. With its pro-active stance the Board:
- Facilitates interaction between industry, scientists, technocrats and specialists
- Fosters and innovation culture through contract and cooperative research between industry and institutions
- Provides an interface with financial institutions and commercial banks for leveraging funds
- Facilitates the creation of new generation of entrepreneurs
- Assists partnerships with other, similar technology financing bodies
- Provides vistas for venturing into hi-tech areas
- Creates new job opportunities.
The Fund has been receiving grants from the Government of India out of the cess collections from the industrial concerns under the provisions of the Research and Development Cess Act, 1986, as amended in 1995. Any income from investment of the amount of the Fund and the recoveries made of the amounts disbursed from the Fund are credited for building up the Fund. The finance Act, 1999, enabled full deductions to the donations made to the fund for income tax purposes.