India ranks third among the most attractive investment destinations for technology transactions in the world. Dr Harsh Vardhan, Union Minister of Department of Science and Technology, has reiterated that technology is a strong priority area for the Government, and it aims to make people science centric. Modern India has had a strong focus on science and technology, realising that it is a key element for economic growth. India is among the topmost countries in the world in the field of scientific research, positioned as one of the top five nations in the field for space exploration. The country has regularly undertaken space missions, including missions to the moon and the famed Polar Satellite Launch Vehicle (PSLV).
India is likely to take a leading role in launching satellites for the SAARC nations, generating revenue by offering its space facilities for use to other countries.
In September 2020, India moved four places up to reach the 48th rank and made to the top 50 countries in the Global Innovation Index (GII) for the first time. India ranks in the top 15 for indicators such as ICT (Information and Communication Technology) services exports, graduates in science and engineering, government online services and R&D-intensive global companies.
India ranked 52 in Global Innovation Index (GII)-2019. It ranked 50 in gross expenditure on R&D segment with 0.6 per cent of GDP spending.
The Government is extensively promoting research parks technology business incubators (TBIs) and (RPs), which would promote the innovative ideas till they become commercial ventures.
The engineering R&D and product development market in India is forecast to grow at a CAGR of 10.65 per cent to reach US$ 42 billion by FY22 from US$ 31 billion in FY19. By 2022, R&D expenditure is targeted to reach at least 2 per cent of the country’s GDP.
India's National Artificial Intelligence Strategy prepared by NITI Aayog outlined a way forward to harness the potential of Artificial Intelligence (AI) in different fields. Accenture offers a framework for assessing the economic effect of AI for selected G20 countries in its latest AI research studies and forecast that AI will raise India's annual growth rate by 1.3% points by 2035.
With support from the Government, considerable investment and development has incurred in different sectors such as agriculture, healthcare, space research, and nuclear power through scientific research. For instance, India is gradually becoming self-reliant in nuclear technology.
Some of the recent developments in the field of science and technology in India are as follows:
The Union Budget 2020–21
The Road Ahead
India is aggressively working towards establishing itself as a leader in industrialisation and technological development. Significant developments in the nuclear energy sector are likely as India looks to expand its nuclear capacity. Moreover, nanotechnology is expected to transform India’s pharmaceutical industry. The agriculture sector is also likely to undergo a major revamp with the government investing heavily for a technology-driven Green Revolution. Government of India, through the Science, Technology and Innovation (STI) Policy-2013, among other things, aspires to position India among the world’s top five scientific powers. Indian Space Research Organisation (ISRO) will launch its first Indian human mission by 2022.
Note: Conversion rate used for September 2020 is Rs 1 = US$ 0.01370
References – Media reports, Press Releases, Press Information Bureau (PIB), Union Budget 2019–20
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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