Last Updated: November 05, 2018
Last Updated: October, 2018
India ranks third among the most attractive investment destinations for technology transactions in the world. Dr Harsh Vardhan, Union Minister of Department of Science & 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 of 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 of 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 ranks 6th position for scientific publications and ranks at 10th for patents which included only resident applications.* The number of patent applications filed by the Indian scientists and inventors increased to 47,857 in FY18 from 46,904 in FY16. India ranks 13th position at the Nature Index in 2017, based on counts of high-quality research outputs in natural sciences.
India improved its rank on the Global Innovation Index for the second year consecutively. From being ranked at the 81st position in 2015, India improved its ranking to 66th in 2016 and further to 60th in 2017.
The Government of India 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 startup hub with incorporation of 1,000 new companies in 2017.
The engineering R&D and product development market in India is forecasted to grow at a CAGR of 20.55 per cent to reach US$ 45 billion by 2020 from US$ 28 billion in FY18
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:
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 the Indian pharmaceutical industry. The agriculture sector is also likely to undergo a major revamp, with the government investing heavily for the 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.
Exchange Rate Used: INR 1 = US$ 0.0149 as of Q1 FY19.
References – Media reports, Press Releases, Press Information Bureau (PIB), Union Budget 2016-17
Notes - * - rank as of FY18
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Last Updated: November 05, 2018
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