India stood sixth in terms of the most ‘innovative’ country in General Electric’s Annual Global Innovation Barometer in January 2013. It was the eight-largest country in terms of research and development (R&D) investments in 2013, accounting for 2.7 per cent of global R&D expenditure and which is expected to increase to US$ 44 million by 2014 from US$ 40 billion in 2012.
During FY14 (up to December 2013), the total patent applications stood at 186,000. Trademark applications accounted for the largest share (79 per cent) of total applications at 147,174 in FY14 (up to December 2013). Patent and design applications accounted for 17.4 per cent (32,425 applications) and 3.4 per cent (6,410) share, respectively.
The number of MNC R&D centres in India have grown at a compound annual growth rate (CAGR) of 14.4 per cent to 1,031 over 2000-2013, with an overall employment base of 244,000. Around 30 per cent of the top 1,000 global R&D spending organisations have centres in India.
The Government of India expects to double the government’s R&D spending from the current 0.9 per cent of gross domestic product (GDP) to 2 per cent by 2017. It has allocated US$ 550.81 million for agriculture research in the Union Budget 2013-14. Customs duty on life-saving equipment has also been reduced to 5 per cent from 25 per cent.
India is increasingly seen as a product development destination. Companies are now offshoring complete product responsibility, including complex services such as product management. Contract research is a fast-growing segment in the Indian healthcare industry. The country’s huge population places it among the world’s largest markets for vaccines and drugs.
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Disclaimer: This information has been collected through secondary research and NICCT is not responsible for any errors in the same.