A grand strategy for technology

A grand strategy for development that looks decades ahead, not just years, requires a rethink in many areas of development policy. One such area is technology development. India’s research & development (R&D) spending as a percentage of gross domestic product (GDP) is way below that of major economies — 0.67 per cent in 2018-19 as against over 2 per cent in China and the European Union, over 3 per cent in the US and Japan and a whopping 4.5 per cent in South Korea. Moreover, while this percentage has stagnated in India, it has risen steadily in the other major economies. The discrepancy may be less striking if one looks at the numbers employed in R & D because of the lower salaries in India. But in terms of outcomes, the relative spending numbers are not misleading.



What you get on Business Standard Premium?


Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, July 28 2022. 22:01 IST