Comments
The budget for Research and Development (R&D) in the country should be increased from present 0.7-0.8 per cent to 2 per cent of GDP, according to VK Saraswat, Member, NITI Aayog.
He was speaking to newspersons on the sidelines of a conference on innovation, patents and competition organised by the Indian School of Business (ISB) here on Thursday.
“I have been always saying, particularly as a member of Science and Technology in NITI Aayog, that India’s investments in research and development should go up to something like two per cent of the GDP,” he said.
Patents’ scenario
He said the innovation and patent generation in the Micro, Small and Medium Enterprises were ‘very low’.
Pointing out that innovation, Intellectual Property Rights (IPRs), and competition would drive economic growth, he said: “Balance between IP and competition will certainly foster more innovation.”
Many challenges such as issues over patents for bio-pharmaceutical products with regard to reverse engineering and IP rights of some drugs in US had to be resolved, he added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.