India's gross domestic product spending on research and development is below the global average and expenditure should be increased to create an economy of scale, Minister of Science & Technology and Earth Sciences Kapil Sibal has said.
"India spends only 0.8 per cent of its GDP in R&D, which is far below than economies like the US which spend around 2-3 per cent on such activities," Sibal said at an annual memorial lecture organised by TERI to commemorate the birth anniversary of its founder Darbari Seth on Monday.
India's spending on R&D is just $4 billion whereas US spends about $224 billion on such activities and corporates should be promoted to indulge in R&D activities to facilitate the overall growth of the economy, he said.
Sibal emphasised on building public private partnership to reach and extend the maximum benefit of all such activities to the common man.
Speaking on the occasion, Mahindra & Mahindra Vice-Chairman and Managing Director Anand Mahindra said India has untapped potential and solutions to many global problems can be found by ensuring that innovation is promoted by both the government and the private sector.
"Innovation will help us grow and develop a country of our dreams and also invert the pyramid of poverty," Mahindra said.
The lecture is being organised by TERI every year in memory of its founder Darbari Seth.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
