Australia must increase focus on nanotechnology, scientists

nanotechnologyLeading scientists have said that the nanotechnology is expected to grow significantly in the coming years in terms of economic value and Australia must increase its focus on the technology if it aims to utilize this opportunity for economic growth.

Estimates show that the nanotechnology is expected to generate about $3 trillion dollars revenue worldwide by the year 2020. Scientists urged the government to provide assistance to the entire spectrum of nanotechnology development that includes fundamental research in the area aimed at developing technologies that can be adopted in the industry.

Scientists have launched a new national strategy for nanotechnology development on Friday for proving a roadmap for the development of the technology in India. They suggested that the developments in the nanotechnology area would help industry in overhauling their products, developing new products and addressing major challenges facing the country such as healthcare and ageing.

"The strong implication is that economies and industries that fail to invest in nano-inspired technology will be left behind as new products with improved or entirely new functionality replace the old," read the plan's vision statement.

Professor Chennupati Jagadish, Australian Academy of Science secretary for physical sciences said the plan would help the country better participate in the Asian century and called for efforts in promoting Australian nanotechnology capabilities on the global level.