Refer - Business Line
Enrich the answer from other sources, if the question demands.
Sanketh Palankar 5 years
Pls review sir
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IAS Parliament 5 years
Try to include about patent rights, start ups. Keep writing.
IAS Parliament 5 years
KEY POINTS
When the Global Innovation Index ranking was announced India ranked 52 among 130-odd economies. What is also significant is that India continues to outperform on innovation relative to its gross domestic product (GDP).
Focus on education
· They also had an unfailing faith that the intellectual prowess so developed will solve many of the country’s pressing challenges be it water scarcity, agricultural development or national security.
· Quality education increases human capital formation and leads to more innovative thinking among individuals.
· India spends around 2% of GDP on its education this has to be increased around 4% of GDP along with effective utilization of funds reaching poorest people.
Intellectual property rights
According to the WIPO, India is the 7th largest Patent Filing Office in the World. However, India produces fewer patents per capita. Unless there is a greater focus on R&D, rising income alone will not allow India to catch up in the near future.
Start-ups
· Israel has the largest number of hi-tech startups per capita than any other country in the world. Similarly, India needs to create more high-tech start ups under the ambit of Make in India.
· This will lead to creation of more entrepreneurs along with creation of more employment opportunities and help build up strong innovation ecosystem.
Investing in R&D
· According to the economic survey 2017-18, fraction of GDP, public expenditures on research have been stagnant – between 0.6-0.7 percent of GDP over the past two decades.
· Public expenditure is dominant, although its share has come down, India needs to encourage private investment in R&D by creating enabling ecosystem.
Global enterprise
· Indian companies need to invest in abroad which help entrepreneurs in creating robust innovative ecosystem.
· This also help to tap the foreign markets and the profits can be readily invested in R&D, as suggested by economic survey 2017-18.
Krish 5 years
Kindly review sir Thank u
IAS Parliament 5 years
Try to include about patent rights. Keep writing.
Deepesh 5 years
Kindly review
IAS Parliament 5 years
Try to include about patent rights, human capital formation etc. Keep writing.
Vandana 5 years
Kindly review
IAS Parliament 5 years
Try to include about patent rights, start-ups, improving business outside India. Keep writing.
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