How can we make research economically more productive? Generally scientific research is done in a way which has no bearing on making economic sense out of that science. Researchers do reverse engineering, They are not bothered about its application to Industry.

Industrial research is economic response, but with the cutting edge of science. There can be no high technology without good science.

It is intellectual prowess that has to lead to competitive technology. Otherwise, we will be doing reverse engineering all the time. There is no substitution to our becoming technologically strong if we want to buy better, make better, and to get synergies. The free flow of technology will not just happen on its own. Battles in the marketplace are very hot.

The second point concerns the global trend of interchange of technologies between multinationals (MNCs) and how partnerships are being formed between people who were rivals till yesterday. Therefore, there is a lesson for us to learn — that MNCs are not such a bad word if we are careful. We understand our strengths, our muscle power and do the business on our terms if we join hands.

The third point in concern is how to demonstrate as to how these things become possible. If we are strong enough in certain technological areas. It is probably certain India will be the intellectual capital of the world in the twenty-first century. There are many partnerships/ joint ventures/ collaborations that are going to be formed here.

Given an equal skill base, given equal intellectual prowess, costs in India are much lower than anywhere else in the world, for high quality science. It is emerging that there is growing confidence in India’s ability to be an effective partner as people are seeing that with improving communications India is not as far away as it used to be, in terms of connectivity.

106-Taxman-99

• Cost Inflation Index for the Financial Year 1999-2000 notified as 389.

106-Taxman-80

• Samman scheme awardees' list to be announced soon.

53-TR-109

• Follow up of audit qualifications of auditors in their audit reports- Constitution of Apex Committee/ Regional Committee thereof.

53-TR-184

• Supreme Court sets 3 years deadline for prosecution.

113-ELT-A106

• Customs & Central Excise Settlement Commissions' modus operandi introduced.

113-ELT-T11

• Instructions issued regarding admissibility of Modvat credit where computer generated invoices do not contain pre-printed serial numbers.

112-ELT-T47

• Landing charges includible in the value of imported goods.

113-ELT-358

• Penalty not imposable when duty payable is available as Modvat.

113-ELT-440

• RBI simplifies rules on release of exchange to students for studies abroad.

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