Budget can Lay the Groundwork for India to Assume Leadership in Research and Innovation

THE INDIAN economy has been resilient amidst a challenging global macroeconomic scenario of inflation, recession and supply chain disruptions, with GDP projected to grow 6.5-7 per cent in FY24.

- KIRAN MAZUMDAR SHAW

This year's Budget therefore ought to lay the framework to deliver on this potential.

Research and innovation

For India to deliver on its aspiration of becoming a $10-trillion economy by 2035, we will need to pursue value-added growth. Research and innovation are fundamental for creating intellectual capital, thereby driving the kind of scientific and technological advancement that will help improve the lives of ordinary Indians and create a lasting global impact. Prime Minister Narendra Modi, in his recent address at the 108th Indian Science Congress, has articulated the strategic role of Science & Technology in shaping the country's future. In this context, I expect Budget 2023 to have a strong focus on science, technology and innovation.

The government has been incrementally funding basic and translational research up until now. This, coupled with a burgeoning startup ecosystem, is leading to the indigenous development of new technologies that are proving to be disruptive. It is a matter of pride that India has, for the first time, broken into the rank of Top 40 countries in the 132-nation Global Innovation Index (GII) for 2022.