According to the Economic Survey Report for 2023-24, India is lagging behind China and the United States in terms of investments in research and development (R&D). One of the main reasons for this is the low Gross Expenditure on Research and Development (GERD) by the private sector, which is less than 40% of the total GERD. This is significantly lower compared to the private sector investments in both China and the US. However, there has been some improvement in recent years, and India must focus on increasing its investments in R&D to catch up with other major powers.
India's economic growth has been impressive in recent years, but the country faces a significant challenge in terms of research and development (R&D) investment. According to the Economic Survey Report for 2023-24, India is falling behind China and the United States in this crucial area.
Background
R&D investment is essential for economic growth, innovation, and technological advancement. It drives the development of new products, processes, and technologies, leading to increased productivity, competitiveness, and job creation. However, India's R&D investment has historically been low compared to other major economies.
Current State of Affairs
The Economic Survey Report reveals that India's Gross Expenditure on Research and Development (GERD) is only 0.7% of its GDP. This is significantly lower than China's 2.5% and the United States' 3.5%. Moreover, the private sector's contribution to India's GERD is less than 40%, which is much lower than the private sector investments in China and the US.
Reasons for the Lag
Several factors contribute to India's low R&D investment, including:
Consequences
India's low R&D investment has several negative consequences:
Top 5 Frequently Asked Questions and Answers
Conclusion
India's lagging investment in R&D is a major challenge that needs urgent attention. By addressing the barriers to R&D investment and providing incentives for private sector participation, India can boost its innovation and technological advancement, ultimately leading to sustained economic growth and prosperity.
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