Ministry of Science and Technology
The Technology Development Board Act, 1995 was enacted to address the need for financial support for industrial concerns and other agencies engaged in the development and commercialization of indigenous technologies. The Act also aimed to promote the adaptation of imported technologies for wider applications within India. This initiative recognized the importance of technological advancement for economic growth and self-reliance. The Act falls under the purview of the Ministry of Science and Technology, Government of India.
Enactment Date, Number of Chapters, Number of Sections:
The Act was enacted on December 16, 1995, and came into force on November 1, 1996. It comprises five chapters and 23 sections.
Act Governed By:
The Act is governed by the Central Government of India, which holds the power to issue directions, supersede the board, and make rules.
On Whom It Is Applicable:
This Act applies to the Technology Development Board, industrial concerns, research institutions receiving financial assistance, and other agencies engaged in technology development and application as specified in the Act.
Penalties/Punishments:
While the Act does not specify direct penalties, it empowers the Central Government to supersede the board under certain circumstances, such as persistent non-compliance with directions or deterioration of the board’s financial position or administration.
Important Pointers:
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The Act establishes the Technology Development Board as a body corporate.
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It outlines the functions of the Board in providing equity capital or other financial assistance for technological development.
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It provides for the establishment of a Fund for Technology Development and Application.
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The Act empowers the Central Government to issue policy directions to the Board.
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It includes provisions for the protection of actions taken in good faith.