| India has clearly emerged as an information technology (IT) as well as a research and development (R&D) hub for many international firms with its vast availability of talented and skilled manpower. India's research and development capability spans around a wide spectrum of industries. Technological and systematic innovation plays a leading role in motivating fast economic and productivity growth. |
Significantly, Indian firms are making inroads into the global science and technology sector. The Union Budget 2010-11 has also defined a National Clean Energy Fund for funding research and innovative projects in clean energy technologies to be established.
The country has put training and education as a priority and according to an industry chamber study, the size of the education sector is expected to double to US$ 50 billion by 2015.
India is emerging as an eminent design and engineering destination with numerous firms establishing their centres besides offshoring design tasks to India. According to a study conducted by National Association of Software and Service Companies (NASSCOM) and Booz & Company (a strategy and technology consulting firm), India has the potential to capture US$ 40-45 billion in engineering R&D services by 2020.
Furthermore, the Indian semiconductor industry is on a growth path driven by an upsurge in domestic sales.