R&D & Innovation
Investment in R&D increased over the years and during the last 10 years, it has increased by 3 times
Investment in R&D in terms of Gross Expenditure on R&D (GERD) has been consistently increasing over the years and during the last 10 years, the GERD of India in gross terms has increased by 3 times. Govt. has been making concerted efforts to encourage private sector to invest into R&D. Corporates can invest in technology business incubators or contribute in research efforts carried out by institutions and national research laboratories as a part of their CSR. Several steps have been taken to incentivize the private sector’s R&D participation by improving the ease of doing business in the STI activities; introducing flexible tools for public procurement; creating avenues for collaborative STI funding through portfolio-based funding mechanisms such as Public-Private-Partnerships and other innovative hybrid funding mechanisms.
India can be among top 25 in Global Innovation Index
A collaborative model from industry to map best innovation practices will take India to the league of top 25 countries in the Global Innovation Index from the 48th rank in 2020 and make it the innovation powerhouse of the world, Commerce & Industry Minister said. Minister announced 80% reduction on fee for filing of IPRs for all recognised educational institution in India and abroad. The key achievements highlighted by Goyal include granting of 28,391 patents in 2020-21 as compared to 4,227 grants during 2013-14 (572% growth), reduction in time of patent examination from 72 months in December 2016 to 12-24 months in Dec 2020 and 1.42 million trademark registrations in last four years in comparison to 1.1 million during the previous 75 years (1940-2015).