The National Research Council of Sri Lanka (NRC) was established by President Chandrika Kumaratunga on April 20, 1999 with Aries Kovoor appointed as the founding Chairman.

[3] In July 2007, President Mahinda Rajapaksa formalized the NRC's establishment as a Special Agency through a warrant issued under Article 33 of the Constitution by exercising the powers vested in him, with Eric Karunanayake appointed as Chairman.

The Target-Oriented Multi-Disciplinary research grants focus on solving nationally relevant issues related to economic development, social welfare, and environmental sustainability.

These projects aim to fill major knowledge gaps and address challenges faced by the nation, with a clear path for translating research outcomes into policy, strategy, product/process development, and uptake.

The NRC is committed to investing a substantial sum of public money in these projects and is confident that the multidisciplinary approach will lead to innovative solutions and significant advancements in various fields.

Over the years, the NRC has diversified the types of grants it provides, funding research in a wide range of areas, including pure science, food, water, environment, energy, national surveillance, irrigation systems, wildlife and ecotourism, speech translations, construction and architecture, railway traffic, sports, and more.

The Public R&D Private Industry Partnership (PPP) program aims to foster collaboration between various sectors to maximize the impact of R&D efforts and contribute to the country's economic development.

The program aims to encourage meaningful partnerships that allow for sharing of research expertise, facilities, and services, as well as reducing the time and cost of R&D activities.

This program aims to support all innovative research, including new or improved products, processes, services, value addition, and technical solutions with commercial potential.

The PPP program is an initiative that seeks to leverage the collective strengths of different sectors to advance R&D and spur economic development in Sri Lanka.