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 gross expenditure on R&D (GERD) increased from Rs 65,961.33 crore (US$ 14.07 billion) in 2011-12 to Rs 104,864.03 crore (US$ 16.27 billion) in 2016-17. India’s medical technology (MedTech) sector is forecasted to reach US$ 9.6 billion in 2022 and US$ 7.8 billion in 2020 from US$ 5.7 billion in 2017.

India is among the top-ranking countries in the field of basic research. In 2017, patent applications by Indian start-ups increased 15 times to 909 from 61 in 2016. India was ranked 13 in 2017 by Nature Index, which publishes tables based on counts of high-quality research outputs based on natural sciences in 2016. IBM’s India inventors contributed over 800 patents in year 2017, making India the second highest contributor after the US region. In May 2018, CISR was awarded Clarivate Analytics India Innovation Award 2018 in the Government Research Organizations Category.

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. India’s R&D investments are forecasted to increase to US$ 83.27 billion in 2018 from an estimated US$ 76.91 billion in 2017. India is world’s third largest technology start up hub with incorporation of 1,000 new companies 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. In July 2018, Atal Innovation Mission along with MyGov launched “Innovate India Platform” with the aim of providing a common point for all the innovation happening across India. India Space Research Organisation (ISRO) launched space technology incubation center was launched in Tripura, Agartala. It is one of the six centers, planned to build national capacity in new locations, as of September 2018. In December 2018, the National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS) was launched to ensure effective use of CPS technologies and develop schemes for the benefit of Indian economy. It has been provided with an outlay of Rs 3,660 crore (US$ 507.28 million) for the period of five years.