With a US$ 1.7 trillion economy and per capita income of over US$ 1,200, India presents a unique opportunity for companies to tap the huge consumer base. Demand for cheap and durable products that could meet the local requirements drives the need for innovation. India's share in world in gross expenditure on research & development (GERD) has increased from 1.9 per cent in 2004-05 to 2.4 per cent in 2009-10.
It has the third-largest scientific and technical manpower in the world with 634 universities awarding over 16,000 doctorates degrees annually. India ranks ninth globally in terms of the number of scientific publications. During 2008-2010, India registered an annual growth rate of scientific publications at 12 per cent as against the global average of 4 per cent. India's share in global research publication increased from 2.2 per cent in 2000 to 3.5 per cent in 2010.
The Government of India has implemented several fellowship schemes to nurture human capacity for advanced research in the country. It has launched Innovation in Science Pursuit for Inspired Research (INSPIRE) scheme, through which the government awarded 2,150 research fellowships for doctoral research and 270 faculty awards for post-doctoral researchers. It also plans to set up innovation universities as public-private partnerships (PPP) to develop new hubs of education, research and innovation.
Cloud computing presents endless opportunities in wireless technologies. Low power devices and devices with higher duty cycles are needed for the future. Multi-disciplinary research to combine emerging concepts in nanotechnology with fundamental metallurgical chemistry is the way forward.