Boost private sector R&D

31 JAN,2021 | MEDC


 

Economic Survey 2020-21 has rightly said that enhancing investment in research and development (R&D) is the key for India to become the world’s third largest economy, and increased investment from the private sector is vital to this end. India has relied for too long on jugaad, and thus missed the opportunity to establish itself in the global scientific community. India-based enterprises need to increase their share in total patents to a level commensurate with India’s position as the world’s fifth largest economy. That has not yet happened and is also not likely to unless the private sector contributes more to an area where the government currently does the heavy lifting. India’s gross expenditure on R&D is 0.65% of its GDP, compared to 1.5 to 3% of GDP spent by the top 10 economies. We thus need to put a lot more emphasis on ramping up R&D spending in our economy. Even though India has shown improvement in metrics like innovation inputs, creative outputs, knowledge and technology outputs, it lags in patent applications filed by resident Indians compared to NRIs. This is an area we cannot risk ignoring. 

*Photo Credit: Google

 

 

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