India’s $10 Trillion Dream: Innovation is the Key 🔑
India is undergoing a monumental transformation and is on the cusp of realising its goal of becoming the world’s third-largest economy and achieving a GDP of $10 trillion.
This seemingly distant goal is well within our reach, provided we leverage the power of innovation across various sectors of the economy.
The Roadblock: R&D Gap
The attached chart highlights a stark reality for Indian companies: They lag heavily in R&D investments compared to their global counterparts. Indian pharmaceuticals and software firms, two shining lights of the Indian industry, invest just 5.8% and 0.5% of their revenues in R&D, respectively, compared to their global counterparts, who invest 17.3% and 17.1%.
This is not just a fact but a pressing call to action.
Patent Matters – India registered 77,000 patents in 2022, an encouraging number. However, it is a drop in the ocean compared to China’s 1.5 million and the U.S.’s 450,000 patent filings in the same period. Recently, in 2023, we increased the number of patents by 17% to 90,000 📈—a commendable growth, but still, it pales in comparison to global leaders.
The Way Forward 🚀
• Promote Innovation: Undertaking groundbreaking research and creating patentable innovation through strong academia and industry partnerships will be a game-changer.
• Strong R&D Impetus: Indian firms need to up their R&D game by making innovation the heart of their strategy and intensifying their efforts.
• Fostering Government Partnership: Indian corporates should actively advocate policies that nurture a thriving innovation ecosystem. Government initiatives like Startup India and Make in India should be leveraged to achieve R&D objectives.
Let’s unite to make this the decade of Indian ingenuity. Together, we can set the pace for global leadership and turn our $10 trillion ambition into reality. 🌍
