Indian government plans to bring a law that will permit scientists to keep a share of profits that come from commercialisation of their research in a bit to boost innovation in the country.

"We are working on a leglislation to give some ownership rights to those who create Intellectual Property," Union Science and Technology Minister Kapil Sibal told reporters during the Hanover Technology Fair.

This was important to attract a greater number of domestic as well as foreign investors to set up research and development centres in India, he said, adding that the government also planned to set up an Indian Institute of Intellectual Property Management in the country.

Sibal, who is part of the high-level Indian delegation accompanying Prime Minister Manmohan Singh on his visit to Germany, said the two countries have decided to set up a science research and technology centre with a view to giving an impetus to bilateral collaboration.

The German minister of education and research Annette Schavan would visit India in October-November when the accord on the proposed centre was expected to be signed.

Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group