The committee, headed by Nitin Desai, is also expected to study the relationship between research, entrepreneurship and the financial markets and submit its report by the year-end, according to a government statement issued today.

The hope is that basic research and development will be converted into new ventures. Measures to facilitate the flow of venture capital and changes needed in policy to ensure more startups are also to be suggested by the committee.

Nandan Nilekani, president, managing director and CEO of Infosys Technologies and Saurabh Srivastava, an entrepreneur and venture capitalist, have been named to the committee, which also includes members from the government.