Science & Technology Industry Analysis

India has a strong network of science and technology institutions and trained manpower. It has the third largest scientific and technical manpower in the world with 162 universities awarding over 4,000 doctorates degrees and 35,000 post graduate degrees annually. India’s R&D investment was estimated to reach US$ 94.06 billion* in 2019 from US$ 86.24 billion in 2018. India’s medical technology (MedTech) sector is forecast to reach US$ 7.8 billion in 2020 and US$ 9.6 billion in 2022.

India is among the top-ranking countries in the field of basic research. India stood third in the number of science and engineering publications in the world.

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 two per cent of the country’s GDP. In the Union Budget for FY20, the Government announced setting up of National Research Foundation for R&D.

The Government of India is extensively promoting research parks technology business incubators to promote innovative ideas till they become commercial ventures. In July 2018, Atal Innovation Mission along with MyGov launched Innovate India Platform with an aim to provide a common point for all the innovation happening across India. India Space Research Organisation (ISRO) launched space technology incubation centre in Tripura, Agartala. ISRO has planned 36 missions including satellites and launch vehicles in FY21.

In Union Budget 2020-21, the Government has announced allocation of Rs 6,302 crore (US$ 901.70 million) to the Ministry of Science and Technology, Rs 2,787 crore (US$ 398.77 million) to the Department of Biotechnology and Rs 5,385 crore (US$ 770.50 million) to the Council for Scientific and Industrial Research.

On July 03, 2020, Government of India launched Drug Discovery Hackathon, a first of its kind National initiative for supporting drug discovery process, to attract participation from professionals, faculty, researchers and students from varied fields like Computer Science, Chemistry, Pharmacy, Medical Sciences, Basic Sciences, and Biotechnology.

F - forecasted, * in Purchasing Power Parity terms

R&D – Research and Development