National Innovation System (NIS) based on a wellconsidered Science, Technology & Innovation (STI) policy is regarded as one of the key drivers of national development that contributes towards enhancing socio-economic well being of its citizens. In order to face myriad challenges emanating from the prevailing political, economic and social conditions of a country, it is imperative to have a strong national STI policy in order to ensure the realization of long term growth and development targets. In this regard, a robust institutional framework that can enhance national competitiveness and have the necessary flexibility to adapt to the changing environment is prerequisite. State intervention is also necessary to safeguard a nation’s interests since the market forces alone cannot guarantee sustainable socio-economic development. It is equally important to realize the fact that the generation, accumulation and dissemination of practically applicable knowledge’ has become the primary source of development, competitiveness and wealth creation. The judicious and timely application of the latest scientific advances in new products, processes, and services leads societies and nation-states to becoming knowledge economies. 

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