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Technology and Innovation
The larger share of public investments into R&D could also
be leveraged by focusing of R&D for public and social good priorities of India
The ability to innovate and deploy globally competitive technologies
has been recognized as the next key driver of global economic change in the
emerging knowledge economy. While science is scholarship driven,
technology and innovations are market and competition driven, respectively. Currently,
Indian Research and Development landscape is largely influenced by the
character of public funded research and selection of R&D priorities is mostly
supply driven. The private sector investments into R&D have been marginal.
Therefore, demand driven component of R&D goals has been limited. Policy,
strategy and tools are required to stimulate larger investments into demand
driven R&D goals. Energy sector invests far too low into R&D,
although industrial turn over in the sector is extremely high. Promotion of
Public-Private Partnerships into R&D and clean energy is a critical
component of India’s competitiveness in global trade and industrial growth. New
strategies and tools are required to stimulate engagement of private sector
into R&D and enhance the share of private sector investment from the current
26% of India’s R&D spend to at least 50% during the 12th plan period.
The larger share of
public investments into R&D could also be leveraged by focusing of R&D
for public and social good priorities of the country. There is an un-tapped
opportunity for India to emerge as a global leader in affordable innovations
under PPP by focusing on R&D for public and social goods in the areas of agriculture
and food security, water, energy, affordable health care, education,
environment, renovation of urban infrastructure, S&T inputs to rural
development etc. Residual idealism among the youth and vast talent base
offer an opportunity for the R&D sector in the country to gain leadership
in affordable and social innovations.
