The future of science and technology in India looks very promising. India has had a strong focus on science and technology, realizing that it is a key element for economic growth. India ranks third among the most attractive investment destinations for technology transactions in the world. With more and more multinational companies setting up their R&D centers in India, the sector has seen an uptrend in investment in recent years.
India is among the top countries globally in the field of scientific research, positioned as one of the top five nations in the field for space exploration. The country has regularly undertaken space missions, including missions to the moon and the famed Polar Satellite Launch Vehicle (PSLV). India is likely to take a leading role in launching satellites for the SAARC nations, generating revenue by offering its space facilities for use to other countries.
The government has introduced multiple policies aimed at projecting India as a science and technology powerhouse and promoting both public and private sector involvement in the R&D practice. As a result, India’s gross expenditure on R&D (GERD) has been consistently increasing over the years. The government has also implemented several fellowship schemes to nurture human capacity for advanced research in the country.
By 2022, R&D expenditure is targeted to reach about 2% of the country’s GDP. The engineering R&D and product development market in India is forecast to post a CAGR of 12% to reach US$ 63 billion by 2025, from US$ 31 billion in 2019.
In conclusion, with its strong focus on science and technology, its growing economy, and its large pool of scientific talent, India is well-positioned to become a global leader in science and technology in the future.