NEW DELHI: India's investment in science and technology lags far behind that of China, South Korea and the U.S. and the government aims to invest 2 percent of its GDP on research and development under the 12th Plan against only 0.88 per cent in 2011-12, Rajya Sabha was informed.

Science and Technology Minister Harsh Vardhan said the U.S. and South Korea had invested 2.76 percent and 4.04 percent of their GDP, respectively on research and development (R&D) in 2011-12.

In terms of Purchasing Power Parity, Indian investment in science and technology during the year was 36.2 U.S. billion dollar whereas China, the U.S. and South Korea invested 205.4, 429.1 and 58.4 U.S. billion dollar respectively, he said.

Vardhan, however, added that India's investment is higher than many countries such as Brazil, Canada and Sweden which spent 27.4, 24.7 and 13.4 U.S. billion dollar, respectively.

"The private sector contribution in R&D as percentage of GDP in India is only one-third while two-third is being contributed by the public sector. The private sector participation in India's R&D has not kept pace with many developed and emerging countries in the world," he told the Rajya Sabha.

READ MORE: Cognizant Completes Acquisition of TriZetto, Creating a Fully-Integrated Healthcare Technology

Honeywell's Latest Smartline Transmitter Increases Capabilities Of 'Smart' Field Products