{"id":249792,"date":"2023-06-27T20:37:36","date_gmt":"2023-06-27T15:07:36","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=249792"},"modified":"2023-08-31T16:17:11","modified_gmt":"2023-08-31T10:47:11","slug":"indo-us-take-2","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/indo-us-take-2\/","title":{"rendered":"Indo-US: Take 2"},"content":{"rendered":"\n

Source<\/strong>: The post is based on the article\u00a0\u201cIndo-US: Take 2 \u2013 India\u2019s economic size has come mostly through adding physical capital. Intellectual capital needs a big boost<\/strong>\u201d published in The Times of India <\/strong>on\u00a027th<\/sup> June 2023<\/strong>.<\/p>\n

Syllabus: <\/strong>GS 3 \u2013 Growth & Development, Science and Technology<\/strong><\/p>\n

Relevance: <\/strong>India\u2019s position in R&D investments and measures needed to boost investments.<\/strong><\/p>\n

News<\/strong>: The current phase of India-US engagement highlights the exchange in high technology areas. This exchange has the potential to boost India’s progress in science and technology.<\/p>\n

How can India-US engagement boost India\u2019s progress in science and technology?<\/strong><\/h2>\n

It can be done by promoting knowledge transfer between the two nations beyond the areas of engagement.<\/strong><\/p>\n

For example,<\/strong> when China’s Zhonguanccun Science Park was established, it created space for universities as well as high technology overseas and domestic firms. It was designed to help diffusion of knowledge to a wider range of firms.<\/p>\n

India should also adopt a policy approach that fosters such ecosystems. Research and development (R&D) <\/strong>can play an important role in this process.<\/p>\n

However, despite being the world\u2019s fifth largest economy, India\u2019s track record in R&D is unimpressive.<\/p>\n

What is the current position of India in R&D?<\/strong><\/h2>\n

As per the observations made by the Niti Aayog<\/strong>, India’s R&D spending is around 0.7% of GDP, while most technologically advanced nations allocate over 2% of GDP. For instance,<\/strong> in Israel, it\u2019s almost 5% of GDP.<\/p>\n

Further, data by the World Intellectual Property Organisation shows that<\/strong> India\u2019s economic output is not based much on intellectual capital.<\/p>\n

For instance,<\/strong> India ranked 25th in 2021 while South Korea, China and Japan took the top three spots.\u00a0This poor performance was due to the relatively low R&D investments when compared to other market-based economies<\/strong>.<\/p>\n

Moreover, despite the government currently accounting for 55% of the total R&D budget, the investment by the private sector has not yet increased<\/strong>.<\/p>\n

Further, India ranks ninth globally in terms of patent applications<\/strong>, which is mostly contributed by IITs and CSIR. Therefore, the private sector’s investment in R&D is crucial for improving India\u2019s position in R&D.<\/p>\n

Note:<\/strong> The World Intellectual Property Organisation\u2019s database ranks countries according to domestic patent applications for every $100 billion of GDP.<\/em><\/p>\n

Must Read: <\/strong>Research and Development in India: Status, Challenges and Recommendations – Explained<\/strong><\/a><\/p>\n

What can be the course of action?<\/strong><\/h2>\n

A measure of an economy\u2019s competitiveness is also derived from its human capital.\u00a0<\/strong><\/p>\n

Since India has done well in surpassing most countries in economic size, it will be the intellectual capital that will be<\/strong> crucial in boosting per capita GDP further.<\/p>\n

Hence, the government should encourage Indian corporations to increase their R&D spending while also acting as an enabler.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article\u00a0\u201cIndo-US: Take 2 \u2013 India\u2019s economic size has come mostly through adding physical capital. Intellectual capital needs a big boost\u201d published in The Times of India on\u00a027th June 2023. Syllabus: GS 3 \u2013 Growth & Development, Science and Technology Relevance: India\u2019s position in R&D investments and measures needed… Continue reading Indo-US: Take 2<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,242,10496],"class_list":["post-249792","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-science-and-technology","tag-times-of-india","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/249792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=249792"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/249792\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=249792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=249792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=249792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}