(1) Subject to the provisions of this Act, the Foundation shall serve as the apex body to provide high level strategic direction for research, innovation and entrepreneurship in the fields of natural sciences including mathematical sciences, engineering and technology, environmental and earth sciences, health and agriculture, and scientific and technological interfaces of humanities and social sciences.
(2) Without prejudice to the provisions contained in sub-section (1), the Foundation shall undertake suitable initiatives including the following, namely:--
(a) preparing the roadmap for short, medium and long term research and development;
(b) seeding, growing and facilitating research at academic and research institutions, particularly at universities and colleges where research capacity is at a nascent stage, through programmes such as research and development projects, fellowships, academic chairs, and creation of centres of excellence;
(c) funding competitive peer-reviewed grant proposals to eligible persons;
(d) assisting in setting up research infrastructure and environment that is conducive for scientific pursuit with specific focus on matters of national priorities, emerging frontiers and strategic research;
(e) increasing India's role and participation in key areas of national and global importance;
(f) supporting translation of research undertaken into capital intensive technologies;
(g) evolving nationally coordinated programmes to identify scientific and practical solutions for societal, developmental, financial and techno-economic challenges;
(h) coordinating across the Central Government, State Governments, public authorities, industries, and research institutions, to document and analyse the expenditure on scientific research and their outcomes during each financial year, and report the same to the Central Government;
(i) evolving participation in international collaborative projects and fostering exchange of scientific information;
(j) encouraging collaboration with scientists from within and outside India, including scientists of Indian origin, with a view to enrich the Indian scientific ecosystem; and
(k) encouraging the Public Sector Enterprises as well as the private sector entities to invest in the activities of the Foundation.
(3) In addition to the objectives referred to in sub-section (2), the Foundation shall also, to the extent practicable, either by itself, or through a suitable agency identified in this behalf, undertake an annual survey of outcomes of scientific research in India, with a view to create a central repository, for the collection, interpretation and analysis of information and data surrounding such research, and the aim of such a repository would include providing information for policy formulation and advising the Central Government and State Governments as well as the private sector:
Provided that the survey referred to in this sub-section shall exclude any strategic areas of research as determined by the Governing Board.
(4) The Foundation shall perform the aforesaid objectives through a Governing Board constituted under section 5.