Sharing a Good Read – our proposed blueprint to boost India’s R&D sector, by structural reforms to propel innovation, economic growth – as India aspires to achieve the transformative vision of Viksit Bharat 2047, the significance of robust investments in R&D emerges as a cornerstone, our latest white paper, "Structural changes to incentivise the #Research&Development Sector in India”, sheds light on this critical requirement and underscores the imperative to fortify the nation's R&D ecosystem. It proposes implementing crucial reforms to bridge the gap in R&D expenditure, foster industry-academia collaboration and streamline regulations to accelerate innovation and investment. #UnionBudget2024 is expected to focus on R&D, with enhanced funding to boost private sector investment in research and innovation and in the government’s plans to facilitate more public-private partnerships for collaborative research;
Key highlights:
- Proposes increased R&D funding to elevate India's global R&D status
- Analyses disparity between India's R&D expenditure with developed economies, proposes structural changes to bridge gap
- Recommends refining patent box regime, introducing dedicated national #R&D policy and establishing innovation hubs similar to #GIFTCity for fostering #FDI
- Highlights India's potential with more than 1,38,000 patent filings between 2015 and 2021
- Harness potential of #GlobalCapabilityCentres (GCCs) established in India by various MNCs, provide impetus to increase such centres, scale and activity coverage
#R&D #Unionbudget2024 #GCC #Budget #Policy #reforms #economicgrowrth
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