India has proposed two million dollars fund to encourage scientific innovations for BRICS countries. In statement released in New Delhi, Minister of State for Science and Technology Mr. Ashwani Kumar has said that India will contribute an initial sum of 2 million dollars as its share in the proposed 10 million dollar aid.

The BRICS countries include Brazil, Russia, India, China and South Africa. The Minister emphasized the need for collectively harnessing the scientific and technological knowledge to address the challenges of the century. He added that new sources of clean energy based on second generation bio-fuels developed through recourse to biotechnology could form an important program for co-investment.

Mr. Ashwani Kumar also said that India will pursue cooperation in the areas of shared priorities such as Energy, Water, Health and Natural Disaster Management.