Asserting that India’s spend on R&D is very low, Baba Kalyani, Co-Chair of the B20 India Task Force on Tech innovation and R&D on Friday said that Indian industry must further ramp up its resources on R&D to remain competitive.

“We need to figure out how we can get more (outcomes) for less resources or try put more resources to work. Resources here would include people, idea resources, technology resources”, Kalyani, who is also Chairman and Managing Director of Bharat Forge Ltd, told businessline in an interview at the B20 India Summit 2023 in the capital.

“Industry is in a competitive place. If you (industry) don’t do work on R&D and create right products, industry will then die”, Kalyani warned.

B20 GLOBAL INSTITUTE 

Kalyani also suggested that the proposed B20 Global Institute —announced by the B20 India Chair N Chandrasekaran on Friday—could be tasked to identify the technology areas, issues or ideas that could be featured in the common digital platform being mooted by the B20 for R&D collaboration among the G20 countries.

B20 Global Institute — to be located in India—is expected to pursue recommendations coming from the B20 Summit, provide ongoing thought leadership on focus areas such as global value chains, digital technologies, sustainability and inclusion, and provide continuity through successive G20 Presidencies.

Led and driven by business and focused on issues key to global business, the B20 Global Institute is expected to plug a crucial gap in the global institutional architecture.

The Task Force on Tech Innovation and R&D has among other things recommended the setting up of a Virtual Digital Lab and Library as a platform to promote cross border collaboration for R&D, knowledge transfer of technology best practices, and dissemination of the latest information on globally available resources/funds.

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