In an attempt to create premium research facilities in the country, the Shanta Wadhwani Center for Cardiac and Neural Research was inaugurated on Wednesday at National Center for Biological Sciences (NCBS).
“Today, India is known for its low-cost labour. But, this won’t be able to sustain the economy further. In order to have sustainable economic growth of 8%-10%, we need to have world-class research in the country,” said Dr Romesh Wadhwani, chairman of Wadhwani Foundation and founder of Symphony Technology Group.
The centre, which will support research in the field of regenerative biology, is a part of a five-year initiative.
“The endowment of the project is about `7.5 crore in the first phase. The money gives access to the best minds in the world to come to the centre and be part of the research. Best equipment will be made available,” he said.
Wadhwani also spoke about how a lot of philanthropic initiatives taken by successful businesses fail.
“Successful businesses should be doing a lot better with their philanthropic efforts. They are only looking at short-term outcomes when they should be looking to change the face of India by indulging in high impact sustained philanthropic efforts,” he added.
