I have often written about the need for Indian industry to invest more in in-house research and development (R&D). Indian industry invests only 0.3 per cent of gross domestic product (GDP) in in-house R&D, compared to a world average of 1.5 per cent. Why do we invest so little in R&D? As the table shows, India has relatively few firms (23) in the top 2,500 firms that invest in R&D.
We have four challenges:
* We have no presence in six of the top 10 industries that invest in R&D: Technology hardware, electronics, construction, health care, general
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper
