Science and Technology Minister Prithviraj Chavan has launched the first ever venture capital fund for IBSA countries. A 55 crore rupee fund has been earmarked for it. It will be made available to the companies of the member countries of IBSA. The fund will be managed by Science and Technology park Pune where IBSA Secretariat is located. Speaking on the occasion Mr Chavan strongly advocated enhancement of Budget for Research and Development activities and said atleast two percent of the budget needs to be earmarked for these activities.He said innovations in technology and manpower has to be promoted to create more jobs. The Minister said the use of most modern technology has gained momentum in the southern part of the country and this has to be intensified so that north and other parts of the country are also benefited. Mr. Chavan asserted that sharing of experience and other networking facilities will be the focus of attention for the IBSA countries. Earlier, he presented second IBSA innovation and entrepreneurship awards to scientists in different fields for their outstanding contribution.