"To do science, someone must pay for it," he added.
The prime minister also said that this should be a combined initiative of government and the industry.
"In countries such as South Korea, where a high percentage of GDP goes to science, the contribution of industry is significant," Manmohan Singh said.
He appealed to the corporate sector to join hands with the government in "realising the goals set for the nation".
"I am happy that our department of biotechnology has activated private public partnerships in research and development," he said.