KATHMANDU, May 1: The government has agreed to allocate one percent of the development budget for research and development, innovation, and invention.

Chairperson of the National Innovation Center Mahabir Pun, who had been organizing a sit-in at Maitighar Mandala since Friday, has decided to postpone his protest following the agreement.

Deputy Prime Minister and Defense Minister Purna Bahadur Khadka and Mahabir Pun signed the agreement on Monday. As per the agreement, the government will establish a fund for research and development, innovation, and invention, and for the management and operation of the fund, the government will prepare a draft bill within 60 days and pass it in the upcoming session of the federal parliament.

The agreement also states that one percent of the development budget for the next financial year will be deposited in the fund. It also mentions making necessary policy, legal, and institutional arrangements to promote research and development, innovation and invention and facilitate legal reforms related to permits and licenses for goods and services produced from inventions.

 
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