Dr. Maini calls for increasing private sector participation in R&D investments
To remain competitive, India must embrace public-private funding models as a bridge to realising the vision of developed economy, especially the transformation from a service-driven economy to a product-driven one, says Prof. Ajay Kumar Sood, Principal Scientific Adviser (PSA) to the Government http://mca.gov.in .
He also underscored the urgency of India’s R&D agenda, saying, “It is not merely about numbers; it’s about shaping our destiny, fostering innovation, and leaving a legacy for generations to come.”
Addressing a roundtable consultation by the School of Business Environment, Indian Institute of Corporate Affairs (IICA), he urged companies to invest strategically in R&D, fostering a culture of creativity and risk-taking.
He highlighted that a robust and standardised criteria must be adopted for capturing the R&D data https://www.investindia.gov.in/ .
Prof. Sood said, “While services play a crucial role, it is through innovation and product development that we can leapfrog into global prominence.”
This roundtable organised in New Delhi on 17 May was a part of the ongoing research to consolidate corporate views on R&D expenditure, to sensitise the requirement of investment in R&D for the growth of the company and sustainability in longer run and to sensitise the need of R&D related disclosures.
The roundtable consultation sought inputs and obtained feedback of corporate leaders on provisional findings of a research study carried out by the IICA on R&D https://www.sidm.in/ landscape in country.
It was supported by the Office of the Principal Scientific Adviser to the Government and deliberated on the ‘Research & Development (R&D) Expenditure by top 1,000 listed companies in India’.
Dr. Ajay Bhushan Pandey, Director General & CEO, Indian Institute of Corporate Affairs, and Chairperson National Financial Reporting Authority (NFRA) https://nfra.gov.in/ , cited examples of international best practices in R&D domain and shared insights on the history of tax rebates on R&D initiatives in the country.
He also highlighted the need and importance for sensitizing corporate sector on importance of ESG (Environmental, Social, and Governance) and R&D and mentioned that India successfully established examples, by becoming a pioneer in the digital infrastructure https://digitalinasia.com/ .
Highlighting the case studies from countries like South Korea, Japan, China, Singapore, the USA, Israel, and Germany, Dr. Pandey said these countries fostered their R&D sector and became developed economies.
He underscored how adopting ESG reporting frameworks are changing companies’ approach towards fostering ESG led investment practices. Similarly, Dr. Pandey said, it could catalyze similar growth in India’s R&D landscape.
Dr. Parvinder Maini, Scientific Secretary, Office of the PSA, shared her experiences in implementing various initiatives of the Government towards promotion of R&D in country.
She reiterated that R&D drives innovation, calling for more and more private sector participation in R&D investments and asserted that “the private sector must step forward as partners in our journey toward technological advancement and sustainable growth”.
She spoke for collaborative efforts, emphasising the need for a collective commitment to R&D excellence.
Sunil Kumar, Additional Secretary, Department of Science and Technology (DST), highlighted DST initiatives in capturing the R&D data in country.
Kumar’s call for rational policy-making and better alignment with Indian policies resonated with the audience and he proposed bifurcating the public-private companies’ database specifically for the R&D sector, enabling targeted interventions and informed decision-making.
Inder Deep Singh Dhariwal, Joint Secretary, Ministry of Corporate Affairs (MCA), carved out “the essence of R&D from our ancient roots. In the timeless tales of the ‘Panchatantra’ we find wisdom that transcends centuries.
“Our ancestors understood the value of knowledge, and they recognised that true progress lies in seeking answers, pushing boundaries, and nurturing creativity.”
Dhariwal urged the corporate community to honor this legacy by investing in R&D, not merely as an obligation but as a sacred duty to our nation’s future.
B.N. Satpathy, PSA Fellow, Office of the Principal Scientific Adviser, presented draft findings of the research study carried out by IICA including trends of R&D expenditure among the top 1,000 listed companies by market capitalization.
The research study compares the size of expenditure across companies, sectors, and geographies; the industries and sectors with the highest R&D investment, and sector specific R&D expenditure in sustainability related initiatives, as well as recommendations for optimizing investment strategies in R&D.
Dr Garima Dadhich, Associate Professor & Head, School of Business Environment, IICA, elaborated, “We stand at the crossroads of innovation and sustainability. Our commitment to R&D will shape our destiny, impacting not only our businesses but also our environment, society, and future generations.”
Dr Dadhich outlined the specific objectives of the roundtable, emphasising the need for enhanced commitment, improved reporting practices, collaboration, and long-term impact. Fiinews.com
