10117122, 2:45 PM Economie Survey-2021: Focus on RD, Jugaad can take you only this ar-The New Inglan Express Gienitinoaco : #0 < 000 Monday, October, 17, 2022 02:45:85 Search Q Home > Business Economic Survey-2021: Focus on R&D, Jugaad can take you only this far On the brighter side, India improved its ranking on the Global Innovation Index (GI), entering the list of world’s top 50 innovating countries, ranked at 48. Gfty & &e Published: 30th January 2021 05:27AM | Last Updated: 30th January 2021 09:54 AM Bl aAA hitpsiwww.newindianexpress.com/business/202 /jan/3Oleconomic-survey-2021-focus-ora-ugaad-can take-you-only-this-ar-2256900.ntml sno10117122, 245 PM Economie Survey-2021: Focus on R&D, Jugaad can take you only this ar-The New Inglan Express Ce Chief Economic Advisor Krishnamurthy Subramanian addresses a press conference on Economic Survey 2020-21 in New Delhi Friday Jan. 29 2021. (Photo | PTI) By Bismah Malik Express News Service BENGALURU: The Economic Survey-2021, released on Friday, sounded critical of Indian firms’ expenditures on Research and Development (R&D) saying that “mere reliance on Jugaad innovation can risk the country missing crucial opportunities”. On the brighter side, India improved its ranking on the Global Innovation Index (GID, entering the list of world’s top 50 innovating countries, ranked at 48. When it came to competing with the top 10 global economies, especially China, India lagged much behind on the basis of seven pillars of GII including knowledge and technology outputs (KTO-27th rank) market sophistication (31), business sophistication(55), human capital and research (HCR-60) institutions (61) creative output (64) and infrastructure (75). ALSO READ | Survey moots change in weighage of food items to gauge true inflation “India must significantly ramp up investment in R&D if it is to achieve its aspiration of emerging as the third largest economy in terms of GDP (current US dollars). Mere reliance on “Jugaad innovation” risks missing the crucial opportunity to innovate hitpsshwww.newindianexpress.conbusiness/202 /jan/30leconomic-survey-2021-focus-or-ugaat-can-take-you-only-this-ar-2256900.html 210tovt7, 248 PM Economie Suvey-2021 Focus on RED, Jigs cn ike you ol fr The New non Expres our way into the future. This requires a major thrust on R&D by the business sector,” the Survey stated. The Economic Survey blamed the country’s business sector’s lesser contribution for India’s dismal gross expenditure on R&D (0.65% of GDP), much lower than that of the top 10 economies (1.5-3 % of GDP). Neighbouring China, as per the Survey, had targeted its gross expenditure on R&D as part of GDP to touch 2.5% in 2020. THE FINDINGS Companies contribute much lesser to the country’s gross expenditure on R&D (37%) when compared to businesses in each of the Top 10 economies (68% on average). ALSO READ | Economic survey mum on job losses during lockdown, private investment In terms of R&D workforce, the Economic Survey said the government sector contributes the highest share of total R&D personnel (36%) and researchers (23%) amongst Top 10 economies (50% on average). Hl More From The Section W345¢ Bitte MEIIND, IGATES fren-haton ; i Ni i tia = oa India to have over 65 per cent Gates Foundation pledges USD Electronics Mart shares rise Markets fall power generation capacity 1.2B to eradicate polio nearly 53 per cent in stock amid weak gli from non-fossil fuels by 2030: globally market debut RK Singh Now we are on Telegram too. Follow us for updates TAGS Economic Survey-2021 _researchand development _Jugaad innovation ll India Matters hitpshwww.newindianexpress.combusiness/202 1/jan/3Oleconomic-survey-2021-focus-on-é-ugaad-can-fake-you-only-this-ar-2256900.html ano