Being the second largest producer of scientists and engineers in the world, India is today well positioned in the research and development (R&D) industry in the world. In fact, patent applications in the country have witnessed a substantial increase over the last five years. From 35,000 applications in 2007-08, the number has moved up by nearly 50 per cent in 2012-13. Given the rising prominence of India as a R&D hub, experts are confident that this trend will continue even in the coming years.
India is already powering R&D programmes of over 100 Fortune 500 companies and over 750 MNC R&D facilities are present in the country. For instance, German automaker Daimler AG now has a R&D facility in Bengaluru, which is its biggest outside the one at its headquarters in Germany. Growing at a rate of 20 per cent on an average over the past many years, R&D in India is only expected to touch new heights in the near future.