Economic Survey 2015: India's Innovation Capacity Lags Most BRICS Nations

This is despite a consistent double digit growth in the last few years in the R&D sector.

The growth registered in 2012-13 stood at 20.8 per cent, while professional, scientific and technical activities including R&D grew by 14 per cent in 2013-14.

According to a report by Zinnov Management Consulting, India's R&D globalisation and services market is set to double by 2020 to $38 billion.

The study estimated overall addressable R&D globalisation and services opportunity at $170 billion as of 2014.

Currently, only $55 billion of this opportunity is addressed globally.

"India's share of the addressed market is 33 per cent with in-house R&D centres contributing $11.3 billion worth of services to their parent companies," the Survey said.
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