India's R&D Spending

India should significantly enhance its investment in research and development from the current level of 0.64 per cent to at least 2 per cent of GDP in the next four to five years to strengthen the country's R&D ecosystem, Niti Aayog said on Monday. The Aayog, in a report titled Ease of Doing Research & Development in India - Removing Obstacles, Promoting Enablers, said the government should consider restoring a 5 per cent GST slab for R&D procurement. "To strengthen India's R&D (research and development) ecosystem, there is an urgent need to significantly enhance the national investment in R&D, from the current level of 0.64 per cent to at least 2 per cent of GDP in the next four to five years," it noted. The report also suggested that India needs to introduce time-bound, incremental fiscal incentives to boost private sector investment in R&D. According to the report, adding the reporting head of R&D expenditure under Schedule III (Balance Sheet & ...

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