For a country with ambitions of leadership in the Industry 4.0 age, India has some way to go when it comes to putting its money where its mouth is on R&D.
While its rank in the global innovation index (GII) has improved to 46 in 2021 from 60 in 2017, its gross expenditure on research and development (GERD) is one of the lowest among comparator economies, at just $43.41 per capita.
In contrast, Brazil spends $173.37 per capita . GERD has remained at around 0.7% of GDP for about a decade, much lower than China’s 2.14 and Brazil’s 1.16%. R&D showing, therefore, remains stagnant.