For all we know, the intellectual capital in India is simply outstanding and therefore creates an astounding opportunity for the promotion of an all-around research ecosystem. It is for this very reason that numerous multinational corporations are looking forward to shifting their R&D base to India. Not only will these research and development bases help in the development of new products for the nation’s domestic market, but will also aid in the innovation of some unique offerings for the native markets of these MNCs.
At present, the R&D market of India pertaining to engineering is worth US$ 23 billion, which is almost 40% of the world total and is expected to reach a whopping US$ 38 billion by the year 2020.
With over 25 innovation centres in the nation, India fares as the top innovation destination in the continent. Today, the country ranks 60th on the Global Innovation Index but is expected to fare in the top 25 countries in the coming decade. What makes India a promising destination for innovation is that it ranks 2nd when it comes to registering the highest increase towards the contribution to high-quality scientific research.
After the deployment of the Make in India initiative by Prime Minister Narendra Modi, it is expected that India will become the world’s 5th largest manufacturing country, and will create over 100 million jobs by 2022. Considering these facts, it seems only just to arrive at the conclusion that the Indian R&D market will experience a never seen before boost.
Moreover, the Indian Government is taking ample initiatives to promote the research and development segment. For instance, it aims to make India a global innovation hub in the next two years, by the way of providing a conducive environment. With corporate giants like Tata Motors, Microsoft and Robert Bosch Engineering and Business Solutions amongst numerous others heavily investing in various R&D initiatives across the nation, the future looks more than just promising.