R&D & Innovation
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.
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