In the Economic Survey, India has been recommended to increase its R&D budget, as have China and the United States.
Even though India is the fastest growing economy in the world on the economic front. India is giving competition to both the US and China, the two largest economies in the world. Even after that, it is very important for the Indian government to learn from countries like the US, China and Israel on one front. In the Economic Survey, the government has been advised or should be told that it needs to invest more in Research and Development i.e. R&D along with other fronts. Shall we also tell you what has been said in this regard in the Economic Survey?
The R&D budget will have to be increased
According to the Economic Review 2023-24, India is making rapid progress in Research and Development (R&D), but the country’s expenditure relative to Gross Domestic Product (GDP) is much lower compared to countries like China, the US and Israel. The study claims that the private sector’s contribution to R&D is also lower. According to the document tabled in Parliament on Monday, GERD (gross expenditure on R&D) should strengthen the linkages between higher education, industry and research to better translate into research outputs.
progress is being made rapidly
The review also said that institutions in India are developing technologies, but the pace at which they are moving from the lab to society for the benefit of people is low. It said India is making rapid progress in R&D, with around one lakh patents granted in fiscal year 2023-24 compared to less than 25,000 patent approvals in fiscal year 2019-20.
Citing data from the World Intellectual Property Organization (WIPO), the study says India recorded the highest growth (31.6 percent) in patent applications in 2022. According to the GII (2023), India has managed to move up from 81st in 2015 to 40th in 2023.
I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,
