Budget 2023: The Innovation Route to Wealth

The Indian economy is set to reach the $5 trillion GDP target in the short term. National budgets, due in the next few days, are crucial to ensuring inclusive and balanced growth in each country.

The Prime Minister emphasized innovation by adding Jai Anusandhan to Jai Jawang, Jai Kisan, Jai Vigyan. How do you translate that vision into reality? Wealth can be created sustainably when innovation becomes part of the DNA of the economy. We, India, must become that economy!

While much has been done by governments to enable industry, academia, research institutes and start-ups individually, much more can be achieved with the creation of the National Research Quad (NRQ).

Budget Day could be an opportunity to announce the establishment of a government-led NRQ. It is governed through an advisory board.

The goal is to expand national R&D investment from 0.7% to 4% of GDP by 2047, with an interim target of 2.5% by 2030, with industry as the majority. increase.

road ahead

Here are some suggestions for achieving this:

(i) Increase spending on higher education institutions for cutting-edge research: We must provide research students and professors with the research facilities they need. Genuine failure must be tolerated. I even applauded. Only then can you keep the best minds for research.

(ii) Strengthening funding for ministries to set up incubators in higher education institutions: Various ministries, especially the Ministry of Heavy Industries, have already set up incubators and accelerators in some higher education institutions. The review and oversight of these incubators and accelerators is done by independent expert committees and this should be further encouraged.

3. Establishment of India Intellectual Property Think Tank: We need to protect our traditional knowledge of artisanal handicrafts, indigo dyeing, other arts and crafts and rural innovators. It would be appropriate to create a mechanism to synergize the efforts of the various sectors of the publicly funded institution and the intellectual property policy.

4. Introduce elements of Research Linked Incentive (RLI): Similar to the PLI scheme, it is useful to introduce RLI to ensure innovation in the industry.

For India to be truly competitive and wealthy, it is the vehicle that Anusandhan must ride, and the National Research Quad plays an important role to play.

The author is Chairman of the CII National Mission on Technology, Innovation, and Research.

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Published January 29, 2023

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