India Inc told to invest 1% of GDP towards R and D

Ashwani KumarUnion Minister of State for Science & Technology Ashwani Kumar said unlike the developed countries and other emerging economies like China, the share of private sector in R&D expenditure is only about 24 per cent, while the remaining three-fourths is accounted for by the public sector.  As per the data available the current private sector investment in R&D is pegged at Rs 720 crore, he noted.

He said investments of thepublic sector into R&D through its various wings was about Rs 2,000 crore, inclusive of non-plan expenditure.  Kumar held a wide ranging interaction with CEOs and members of CII (Confederation of Indian Industry) on the sidelines of Indian Economic Summit of the World Economic forum.

The discussions examined issues and remedies in terms of incentives policy changes and implementation mechanism required to step up India’s gross expenditure in R&D. Ashwani Kumar said the Centre plans to increase India’s gross expenditure on R&D of 2 per cent of GDP at the end of 12th Five Year Plan.

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