Key Points
New Delhi:Research and development (R&D) in Indian companies is significantly lower compared to their global counterparts and is primarily limited to tier-one companies..
An analysis by the Foundation for Advancing Science and Technology (FAST) a non-profit institution working to build capacity and advance policy solutions showed that global R&D intensity was 2.8 times that of Indian firms..
It was also seen that out of the six industry sectors that were studied aerospace and defence; automobile and components; chemicals; energy; pharmaceuticals, biotechnology and life sciences; and software and services top Indian automobile and pharmaceutical companies performed the best in R&D...
Vijay Raghavan, former principal scientific advisor to the Indian government, said the findings underscored the need for Indian firms to better their performance in both R&D input and output to perform competitively in the global market..
Despite facing challenges such as the COVID-19 pandemic and changes in the R&D tax regime, Indian firms have shown slightly higher R&D growth, albeit from a much lower baseline, compared to global firms..
