'Make in India to Invent in India'

FDI inflows received in the last 9?years (April 2014- March 2023) was USD?595.25?billion which amounts to nearly 65% of total FDI inflow in last 23?years. FDI has provided a flip to the manufacturing sector since 2014 and now India is geared towards a USD 5 trillion economy. The momentum gained however poses a critical question, how India can surpass Germany and become a USD 10 trillion economy?

To start with, this will require significant investment in R&D in India to create new products/services and bring the quality of products/services as per international standards. This will require investment in human capital as well as larger value addition in the country. On the front of R&D expenditure, India spends a mere 0.7% of its GDP as compared to the global average of 1.8%. Moreover, India ranked 40th out of 132 countries in Global Innovation Index and ranked 42nd out of 55 countries in International IP Index (US Chamber of Commerce). Secondly, the existing innovation ecosystem in India will require a major overhaul. Hence, New Millennium India Technology Leadership Institute founded in 2003 would require complete revamping. Some of the key steps which will transform the manufacturing landscape in India are:

1. The newly set National Research Foundation will convert scientific knowledge to marketable technologies leading to wealth creation. Collaboration across Industry, Academia and National Labs has to become a practice to promote innovation and research.
2. Systematic implementation of 'Ease of Doing Research' to help generate value thereby creating meaningful patents.
3. R&D labs to enter into strategic tie-ups with Universities of repute to bridge the research outcome to the industry. This will help the budding scientists/engineers suitable incubation platform so that we do not lose these scientists to the West.
4. Promoting CSR to foster innovation and R&D in certain sectors leading to the development of diverse talent pool of innovators.

India's power as a world leader will only be reflected in its capacity to innovate, produce and export to the world at competitive prices. India's Journey of 'Atmanirbhar Bharat' can only be set on the foundation of investments in innovation and R&D for sustainable industry growth.