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More Govt investment in R&D in India
By agencies
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Wednesday, 09 November 2005, 20:30 IST
NEW DELHI: The Indian governmentÂ’s contribution to the total R&D spend in India is 65 percent while it is just 30-40 percent in the U.S., Japan and Germany, according to a survey by Evaluserve.
The survey said R&D investment in India at present stands at $6.8 billion and is growing at 45 percent per annum from 2002. The R&D industry employs about 300,000 people.
The cost competitiveness of R&D work in India is attracting global majors like IBM, GE, LG, Philips, Eli Lily, Pfizer, and HP among others. The cost of researchers in India is one-fifth of that in the U.S.
From the government side, major investment in R&D goes for agriculture, forestry, defense, space, healthcare and industrial development, the survey said.
Amongst key sectors for investment from industry, IT sector comprises the maximum share and is witnessing the highest CAGR at 32 percent. The IT R&D outsourcing market in India is expected to reach $9.1 billion in 2010.