India’s Minister for Science and Technology Kapil Sibal stated that nanotechnology could help the country in coming up with better and cheaper products but in order to make that possible they lacked sufficient funds for its development. He further said that India had the ability and the capacity for using nanotechnology so that the rural sector could benefit from it. He further emphasized that this technology could help the country in churning out better products but he didn’t visualize India as an emerging world leader in nantechnology in the next seven years. India plans to spend around Rs1,000 crore on nanotechnology in the next five years and at present it has invested Rs 180 crores on this technology. On the other hand countries such as Germany, Japan and US have invested heavily in this technology an India is still not a match to them.