Recognizing that new technology is the driver of growth in the emerging environment of a knowledge-based society, the Indian Planning Commission convened a committee on Technology Innovation and Venture Capital. The Committee undertook a number of tasks, most notably:

1. to examine innovation and technological dynamism in both the modern and traditional sectors in India;
2. to examine the relationship between research, entrepreneurship, and financial markets;
3. to examine the policy environment for venture capital;
4. to make recommendations, which would lead to basic industrial research and development being converted into new ventures; and
5. to suggest policy changes to encourage the flow of venture capital for facilitating start-ups and new ventures.

This report is the result of the committee's investigation.