New Delhi, Oct 27 (IANS): Union Science and Technology Minister Jitendra Singh on Wednesday said the three stakeholders in the triple helix model of innovation i.e. industry, universities and government have a vital role in stimulating socio-economic development in the country through knowledge generation, invention and innovation.

Addressing the Academia Sub-Committee of the CSIR Society here, he called for bridging the trust deficit between academia and industry and underlined the need for liberal and rational funding for development of cutting-edge technologies.

An institutionalised mechanism will be evolved to make academia and industry essential stakeholders in scientific innovation, he said, as per a ministry statement.

"This congregation of the leading academic experts from the country present in the meeting should deliberate on how the academia, industry and government can work together to foster innovation and catalyse entrepreneurship in the country," he said.

The report of re-orientation of the CSIR led by Principal Scientific Advisor to Government, Prof VijayRaghavan, could be used as a reference to formulate PPPs and innovation parks that allow universities, CSIR and industry to partner together, he said.

"It can be done in such a manner that will allow flexibility and agility to deliver the innovation and technologies for the sustainable development of the country in the next 25 years to make India a leading scientific power in the world, when it celebrates 100 years of Independence," he said.

Calling upon the CSIR to come up with suitable models of engagement such as innovation parks where, on the one hand, it will leverage the excellent fundamental research of universities and national institutions and, on the other hand, strengthen the industries in technology translation and dissemination, the Minister said: "This will promote interdisciplinary and trans-disciplinary R&D stimulating the innovation quotient."