Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,937.5016.0
Stock Analysis, IPO, Mutual Funds, Bonds & More

Investments in R&D need go up to 2% of GDP: VK Saraswat

Replying to a query, he said there is slackness of innovation in Indian Micro, Small and Medium Enterprises (MSME) as it needs strong R&D base.

PTI|
Jul 04, 2019, 07.05 PM IST
0Comments
BCCL
VK Saraswat
He said the Indian pharma sector is facing issues with regards to reverse engineering and IP rights of some drugs in USA and the government is in touch with that country.
Indian investments in Research and Development need to more than double for increase in innovation and subsequently more intellectual property rights (IPR), NITI Aayog Member VK Saraswat said here Thursday.

"I have been always saying, particularly as a member of Science and Technology in Niti Aayog, that India's investments in research and development it should go up from today's 0.7 per cent or 0.8 per cent to something like 2 per cent of the GDP," he said on the sidelines of a programme at Indian School of Business (ISB).

"Then only we can see a substantial increase in our innovation in our IPRs and in our economic growth. IP rights, Innovation and competition are the main factors which are responsible for economic growth. The balance between IP and competition will certainly foster more innovation," he added.

Replying to a query, he said there is slackness of innovation in Indian Micro, Small and Medium Enterprises (MSME) as it needs strong R&D base.

According to him, academic institutions and national laboratories have perfect ecosystem in place to foster innovation.

"Private industries do not have that kind of ecosystem. That is the reason why in India particularly in MSMEs innovation is limited. Once innovation is not there, intellectual property rights are limited," the former secretary of Defence R&D explained.

He said the Indian pharma sector is facing issues with regards to reverse engineering and IP rights of some drugs in USA and the government is in touch with that country.

Also Read

Nearly 1/3rd of cash orders not delivered

India ranks 73rd in UN index assessing e-commerce readiness

Samsung India to hire over 1,200 engineering graduates for R&D

Equities back in favour for sovereign investors in 3rd quarter

Government postpones 3rd RE-INVEST

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service