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India needs greater thrust on innovation. Pixabay

If India wants to become the third-largest economy in the world, the private sector must come forward when it comes to fostering innovation, as there is a dire need for boosting business sector contribution for Gross domestic expenditure on R&D (GERD) from the current 37 percent to close to 68 percent, the Economic Survey 2020-21 suggested on Friday. The Survey called for scaling up of business sector contribution to R&D by more than 50 percent.

“For India to become an innovation leader, its residents’ share in total patents applications filed in the country must rise from the current level of 36 percent, at a CAGR of 9.8 percent to reach the top 10 economies by 2030,” it noted.

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The country should also focus on certain key areas for boosting innovation like the ease of resolving insolvency, ease of starting up a business, political and operational stability, and regulatory quality cost of redundancies that affect businesses. The Survey emphasized that India needs greater thrust on innovation to catapult itself to a higher growth trajectory.

India entered the top 50 innovating countries for the first time in 2020. Pixabay

“This requires boosting gross expenditure on R&D from 0.7 percent of GDP currently to at least the average level of Gross domestic expenditure on R&D (GERD) in other 10 economies of over two percent,” the survey noted.

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India entered the top 50 innovating countries for the first time in 2020 since the inception of the “Global Innovation Index” in 2007, by improving its rank from 81 in 2015 to 48 in 2020. The country today ranks first in central and south Asia, and third among lower-middle-income group economies. However, said the Survey, India’s innovation ranking is much lower than expected for its level of access to equity capital.

It stated that the government sector contributes a disproportionately large share in total GERD at three times the average of other large economies. “However, the business sector’s contribution to GERD is among the lowest in India”. The business sector’s contribution to total R&D personnel and researchers also lags behind that in other large economies. (IANS)


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Indian wrestler Ravi Kumar (57kg) and Deepak Punia (86kg) enjoyed fruitful outings at the Tokyo Olympic Games as they secured semifinal berths in their respective weight categories at the Makuhari Messe on Wednesday.

On the opening day of the wrestling competition, Ravi Kumar defeated Bulgaria's Georgi Vangelov 14-4 on technical superiority to reach the last-four in the men's 57kg category, while compatriot Deepak Punia overcame China's Zushen Lin 6-3 on points to advance to the semifinals.

Ravi Kumar will take on Nurislam Sanayev of Kazakhstan in the last-four, while Punia will be up against David Morris Taylor of the USA.

Earlier, Ravi Kumar had won his opening-round bout by technical superiority against Colombia's Oscar Tigreros to secure a quarterfinal spot. Competing in the Round-of-16 bout against the Colombian wrestler, the 23-year-old Ravi Kumar, who is making his Olympic debut, showed no nerves as he dominated the bout to win by technical superiority (13-2).

Ravi Kumar landed attack after attack and went 13-2 up, winning the bout by technical superiority with minutes to spare. In wrestling, building up a 10-point lead over the opponent results in a victory by technical superiority.

India's 86kg freestyle wrestler Deepak Punia showed no signs of the niggle that had forced him to pull out of the Poland Open Ranking Series in Warsaw in June, as he defeated Nigeria's Ekerekeme Agiomor on technical superiority to secure a quarterfinal berth.

He got his Olympic campaign to a fine start as he was in control from the start of the bout and hardly ever allowed his Nigerian opponent any room to maneuver his moves, finally winning with a 12-1 on technical superiority.

Punia, who had also suffered an elbow injury just before the Games, was slow at the start but came into his own as the bout progressed, inflicting takedowns at regular intervals to earn points.

The Indian wrestler eased into a 4-1 lead at the break and extended his lead comfortably in the second period.

Punia, the silver medallist from the 2019 world wrestling championships, then set up a clash with China's Lin Zushen in the quarterfinals and defeated him 6-3.