May 2: The government has agreed to establish a fund to carry out the work related to innovation and invention in an integrated manner. The government on Monday reached an understanding with Ramon Magsaysay award winner Mahabir Pun to set up the fund, in order to end a four-day sit in staged by Pun, president of the National Innovation Center.

On behalf of the government, Deputy Prime Minister Purna Bahadur Khadka signed an agreement with Pun. Khadka is also the Minister for Defense and Minister for Law, Justice and Parliamentary Affairs. According to the agreement, a fund will be established by the government to carry out research and development, innovation and innovation activities in an integrated manner.

The government will prepare a draft bill within 60 days for the management and operation of the fund. It has been agreed that the bill will be passed in the upcoming session of the Federal Parliament. The agreement also mentions that 1 percent of the capital budget for the next fiscal year will be deposited in the fund.

As per the agreement, necessary policy, legal and institutional arrangements will be made to promote research and development, innovation and invention and to facilitate the legal reforms related to permits and licenses for goods and services produced from inventions.

Mahabir Pun started a sit-in at Maitighar from April 28, demanding that the federal and state governments should set aside 1 percent of the development budget to support research and innovation and deposit that amount into the research and innovation fund. In addition, Pun’s demands also include drafting of innovation and invention promotion, operation and procurement law, policies for the marketing of products produced by research centers, formation of a new entrepreneurship promotion committee to facilitate the work and policies according to the needs. In addition to this, Pun also demanded permission, licenses, grants and easy loans for Nepalese who want to become new entrepreneurs.

The ongoing movement under the leadership of Pun ended on Monday after signing the agreement with the government.