New Delhi, Aug 7 : Lok Sabha on Monday passed the Anusandhan National Research Foundation Bill 2023, which aims to set up a national agency to fund research across universities in the country. The bill was passed within an hour after a short discussion without the presence of the Congress-led opposition, as it had staged a walk out. The bill seeks to set up a Rs 50,000-crore fund, with a sizeable contribution from the private sector by tapping into the corporate social responsibility (CSR) funds, to 'seed, grow and promote' research and development and foster a culture of research and innovation throughout India's universities, colleges, research institutions, and R&D laboratories. Piloting the bill, science and technology minister Jitendra Singh said that several initiatives have been taken in the space sector in the past nine years, with the most significant being opening it up for the private sector. This, he said, has led to several startups working with ISRO. As per the provisions of the bill, the National Research Foundation (NRF) will be set up with a budget of about 50,000 crore for a period of five years. Singh said NRF will focus on creating a policy framework and putting in place regulatory processes that can encourage collaboration and increased spending by the industry on R&D. It will have a governing board consisting of 15 to 25 eminent researchers and professionals, and it will be headed by the prime minister. The education minister and the science and technology minister will be the vice presidents of the NRF. There will also be a provision to nominate members to bring in the private sector. On the need for the bill, the minister said that it would address the issue of funding. Singh said that funds are granted on the basis of competition and often IITs take away majority of funds, while only a miniscule amount of it remains with state universities. This bill, he said, would empower states. He further informed the Lower House that the bill seeks to set right the R&D funding which, presently is 'skewed in favour of IITs and other elite institutes'. The bill seeks to set up different funds, namely the Anusandhan National Research Foundation Fund, for the financing of activities under the Act; the Innovation Fund for supporting outstanding creativity in the areas supported by the Foundation; the Science and Engineering Research Fund for continuation of the projects and programmes initiated under the Science and Engineering Research Board Act, 2008; and one or more special purpose funds for any specific project or research. /IANS