Director of Indian Institute of Management, Bangalore (IIMB) Prof. Rishikesha T. Krishnan has emphasised the need for more investment in Research and Development (R & D) for India to ride on the road to becoming an innovation powerhouse.
Delivering the 82nd Council for Scientific and Industrial Research (CSIR) Foundation Day address on “Can India become an Innovation Powerhouse?” at Central Food Technological and Research Institute (CFTRI) in Mysuru on Saturday, Prof. Krishnan, who is also the Ram Charan Chair Professor in Innovation and Leadership, pointed to the inadequate R & D in India by drawing attention to the Global Innovation Index (GII) 2022 report.
Citing the report, he said gross expenditure on R & D in India was equal to 0.7 per cent of GDP in 2018 – down by two percentage points from the year prior – and equivalent to an indicator rank of 53. In comparison, he said the gross expenditure on R & D in China was equal to 2.4 per cent GDP in 2020 – up by seven percentage points from the year prior – and equivalent to an indicator rank of 13.
