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Thursday, December 2, 2021

Government to focus on R&D in the country after Make in India – Survey

The budget for the next financial year will come on 1 February.

Indian Union Budget 2021-22: The Central Government started the Make in India campaign on 25 September 2014 to emphasize on the manufacturing of goods in India by indigenous and foreign companies. Six years after the start of this campaign, people now have different views about what the government should take the next step to give new momentum to the Indian economy. Most of the people believe that the government should focus on research and development (R&D) in the country.

Financial Express Online Hindi had asked its readers what according to them the Modi government should take the next step after Make in India. In response to this, around 66.7 percent people say that the government should focus on R&D in India. After this, 20 percent of the people say that the focus should be on ‘Make for the world’ and the remaining 13.3 percent believe that the government should take steps towards ‘Design for India’.

Focus on research and development demands

The highest 66.7 per cent of the people in the survey believe that the government should take steps towards research and development (R&D) after Make in India. According to a survey by the National Science and Technology Management Information (NSTMIS), Department of Science and Technology (DST), in May 2020 last year, the country’s gross expenditure has increased threefold between 2008 and 2018. The government sector contributes the most to this.

According to R&D Statistics and Indicators 2019-20, gross expenditure on R&D was Rs 39437.77 crore by 2007-08 which increased to Rs 113825.03 crore by 2017-18. During this period, per capita spending on R&D increased from $ 29.2 in 2007-08 to $ 47.2 in 2017-18. However, in comparison to BRICS countries, India spends much less than GDP.

Among the BRICS nations, Brazil spends 1.3 per cent of GDP on R&D, Russia 1.1 per cent, China 2.1 per cent and South Africa 0.8 per cent, while India spends only 0.7 per cent of its GDP on R&D.

Talking about patents, in 2017-18, 47854 patents were filed in India. Of this, 32 percent (15,550) patents were filed by Indians. India ranks ninth in the world in terms of resident patent filing. The most patents in India were filed for mechanical, chemical, computer/electronics and communications. India’s Patent Office ranks 7th worldwide in the top 10 patent filing offices in the world.

Also read- Demand to reduce GST on agrochemicals in the budget, farmers will also get the benefit

The budget for the next financial year will come on February 1

The budget for the financial year 2021-22 will be presented on 1 February. Finance Minister Nirmala Sitharaman will present it. This time the special thing of the budget is that it is presenting in the era of corona epidemic and the biggest challenge is the efforts to accelerate the economy. PM Modi’s ambitious plan through R&D can give strength to self-reliant India. A few days ago the industry body CropLife India has also requested the government to give 200% deduction to the agrochemicals companies on the expenses incurred on R&D. According to CropIndia Protection, an association of companies with research and development regarding crop protection, farmers will also benefit from getting discounts in better R&D.

Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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