As India is emerging as one of the vanguards in innovations and creativity, the National Innovation Council of India has set aside Rs 5,000 crore (US$ 938.08 million) fund to facilitate talent.
India is well-poised to contribute to global engineering research and development (ER&D) as the ecosystem of captive centres, service providers and startups, increasingly work together to drive innovation.
The country has become a key contributor in global research and of growth in the Asia-Pacific (APAC) region, playing host to one-third of top 1,000 R&D spenders in the world, according to a Zinnov study titled 'Global R&D Benchmarking Study'. The study also highlighted that the opportunity areas for India to attract R&D investment span over 13 sectors, with software being the most invested-in sector.
Further, Sidhant Rastogi, Director-Globalisation Advisory, Zinnov, said "India definitely has the right potential to become a key R&D hub, not only in software for which it has gained recognition globally, but also in other verticals such as aerospace, automotive and defence."
While, Al Brockett, Vice President, Pratt & Whitney Engineering-Module Centres, said, “Indian Institute of Science (IISc) has outstanding technical capabilities that complement our research needs. This is an excellent opportunity for Pratt & Whitney to partner with the institute to develop advanced technologies for future generations of our environmentally friendly propulsion systems."
India is one of the leading offshore destinations in delivering engineering R&D services with a market share of 22 per cent. The market in India is expected to grow to US$ 42 billion by 2020, according to a Zinnov study titled, 'Engineering R&D: Advantage India'. In last one-and-a-half years, about 39 captive centres were set up by MNCs in India. Some of these were MNCs like Hitachi, Panasonic, Ricoh, Faurecia, Peugeot among others, highlighted the study.
India ranks first in the global Engineering Research and Development and Design (ER&D) outsourcing industry with a 22 per cent share in the revenue, as per a study by NASSCOM. The ER&D market for such services is estimated to touch US$ 40 billion-US$ 45 billion by 2020.
The Indian clinical research market is set, to more than double, to cross US$ 1 billion by 2016, according to a report by Frost & Sullivan. The local US$ 485 million clinical research market is growing at 11-13 per cent as India gains increasing favour as a base for global clinical trials (Phase I-IV), as per the report.