In 2014, India’s research and development (R&D) expenditure was estimated at US$ 44 million. India’s R&D investment growth is likely to outpace overall Gross Domestic Product (GDP) growth. Government’s R&D spending is expected to increase from the current 0.9 per cent of GDP to 2 per cent by 2017.
India is fast emerging as a global R&D hub. Around 30 per cent of the top 1,000 global R&D spending organisations have centres in India. The number of multinational companies’ R&D centres in India has grown at a compound annual growth rate (CAGR) of 14.4 per cent to 1,031 over 2000-2013, with an overall employment base of 244,000.
The Government of India plans to involve the private sector in R&D mainly for sectors like vaccines, drugs and pharmaceuticals, supercomputing, solar energy and electronic hardware. The government has announced to create a US$ 16 million fund for setting up R&D units with the help of industries.
India is increasingly seen as a product development destination. Companies are now offshoring complete product responsibility, including complex services such as product management. Contract research is a fast-growing segment in the Indian healthcare industry.
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