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.
India ranked 6 on scientific publications and 10 on patents, which included only resident applications. India ranked 13 at the Nature Index in 2017, based on counts of high-quality research outputs in natural sciences. India stood third in the number of science and engineering publications in the world.
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. India is world’s third largest technology start-up hub with incorporation of 1,000 new companies in 2017.
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.
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
Following are the achievements of the Government in the past four years:
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 in April 2020, Rs 1 = US$ 0.013123
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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