Thursday, February 25, 2021
Home Business Survey: Indian Private Sector Must Come Forward For Fostering Innovation

Survey: Indian Private Sector Must Come Forward For Fostering Innovation

The private sector must come forward when it comes to fostering innovation

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.

Follow NewsGram on LinkedIn to know what’s happening around the world

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.

innovation
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.

ALSO READ: 2021 Will Drive The Next Level Of Innovation Across Sectors

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)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Study: Teens May Be More Likely To Be Bullied By Their Friends

Adolescents and teens may be more likely to be bullied by their friends or friends-of-friends than peers who are not closely linked, a new...

10 Health Benefits Of Mint Leaves That One Must Know

Pudina (mint) is one of the oldest culinary herbs known to humans. It has remarkable medicinal properties and is a rich source of polyphenols....

The Job Market Still Looks Bleak In India After A Pandemic-Hit 2020

While the job market still looks bleak in India after a pandemic-hit 2020, the world's professional network LinkedIn said on Wednesday it has seen...

How The 2021 Union Budget Can Impact The Share Market In Future

By Prajakta Pingulkar Share market for beginners is a whole new territory to explore. The market speculation going throughout the year puts many new investors...

Light Intensity Physical Activity May Protect Mobility In Older Women

Light-intensity physical activity, including gardening, shopping, or a casual walk may protect mobility in older women, suggests a new study. The study indicated that...

Fat Cells May Influence How Body Reacts To Heart Failure

Limiting the amount of fat the body releases into the bloodstream from fat cells during heart failure could help improve outcomes for patients, say,...

An Initiative For A Drug Free India

Every year, the birth anniversary of Mahatma Gandhi is observed as National Anti-Drug Addiction Day to honor his commitment towards eradicating the menace of...

A Therapy To Rescue You From Depression And Out Of Work Load

If depression is making it more difficult for some unemployed people to land a job, one type of therapy may help, research suggests. The...

Recent Comments