Housing the third-largest scientific and technical prowess in the world, India’s gross expenditure of R&D (GERD) grew 59.0% to $16.27 billion in 2016–17. With major economic growth propelling the country forward, India’s medical technology sector is projected to jump 36.8% to $7.8 billion in 2020, and an additional 23.1% to $9.6 billion in 2022. India is also the third-largest technology startup hub, with one thousand new companies in 2017 alone. Engineering R&D and product development is projected to grow at a CAGR of 20.55%, reaching $45 billion by 2020.
Investments from the private and public sector have helped foster GERD in India, with R&D investments expected to expand 8.3% to $83.27 billion in 2018. The federal government has promoted R&D through initiatives such as IMPRINT (Impacting Research Innovation and Technology) by the Department of Science and Technology and Ministry of Human Resource and Development, and the Atal Innovation Mission for accelerating innovation amongst researchers, entrepreneurs and academics.
Looking ahead, developments in nanotechnology are forecast to transform the Indian pharmaceutical industry, and the technological innovation of India’s Green Revolution is projected to reform the country’s agriculture sector.
Source: India Brand Equity Foundation