India is the world’s fifth-largest economy, poised to soon claim the third spot by the end of this decade, with only the USA and China ahead of it. India is also in the midst of conducting elections, which constitute the world’s largest democratic exercise. The first phase of these elections took place on Friday, April 19th.
The outcome of these elections will determine who assumes leadership of the world’s fifth-largest economy. Being the largest democracy in the world as well as an economic powerhouse, India is ready to take the next step.
India has already showcased its scientific capability and has developed a potent space program which has delivered numerous satellites into space. Furthermore, in the previous year, India achieved a significant milestone by becoming only the fourth country to accomplish a gentle landing on the Moon, marking the first such landing near the lunar south pole. Additionally, India hosts the largest constellation of remote-sensing satellites worldwide.
In the fiscal year 2021–22, government data indicates that India boasted the world’s third-largest pharmaceutical industry by volume. It was renowned as the foremost provider of cost-effective medicines and generic drugs, many of which played a pivotal role in combating the global COVID-19 crisis.
In its next endeavor, India can achieve its next milestone of becoming a scientific powerhouse as well. According to Nature magazine’s report, India can produce impressive results in scientific R&D. There need to be certain steps that the government needs to take in order to address the gap in funding.
First and foremost, the government can encourage and incentivize businesses to contribute more. Most of India’s R&D funding comes solely from the public sector and universities as compared to its peer nations. Developed economies have encouraged a large number of spending from business enterprises in which India has some catching up to do.
The private sector has played a significant role in research and development (R&D) spending across OECD nations, contributing an average of 74%. Similarly, within the 27 members of the European Union, private sector funding accounted for 66% of R&D expenditures. In India, numerous global companies in sectors like construction, information technology, manufacturing, and pharmaceuticals have established a strong presence.
However, there is potential for these companies to contribute even more to the nation’s research endeavors, both through funding researchers and investing in infrastructure. India is one of the most inventive countries in terms of research output and India’s top universities and institutions such as the IIT’s (Indian Institute of Technology) have been at the forefront of prolific research.
Over the past decade, from 2014 to 2021, the number of universities in India surged from 760 to 1,113. Additionally, seven more Indian Institutes of Technology (IITs), renowned for their contributions to education and research, were established, bringing the total count to 23.
Furthermore, during this period, two new Indian Institutes of Science Education and Research (IISERs) were also inaugurated, further enriching India’s research landscape.
In August last year, the Indian parliament passed a bill to create the Anusandhan National Research Foundation (ANRF), tasked with allocating 500 billion rupees ($6 billion) to universities and laboratories over a five-year period. Of this amount, 70% is expected to come from non-governmental sources, including philanthropists and industry.
The establishment of ANRF aims to dispel any notions of neglect towards fundamental research once and for all.
This is a laudable step in the right direction, and moving forward, there needs to be a greater emphasis on public and private partnership in investment towards scientific R&D to boost India’s research capabilities. It has often been noticed that such public-private partnerships often foster greater economic growth and with that, it also helps in the overall well-being of society itself. The leading economies have realized how such investments replicate growth.
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