: FIEO hails govt's decision to double investments in R&D sector #FinanceIndia #StockMarketNEWS FIEO hails govt's decision to double investments in R&D sector New Delhi, Jan 20 (KNN) Hailing governments

@StockMarketNEWS Wed 20 Jan, 2021

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FIEO hails govt's decision to double investments in R&D sector #FinanceIndia #StockMarketNEWS
FIEO hails govt's decision to double investments in R&D sector New Delhi, Jan 20 (KNN) Hailing governments decision to more than double the investment in the Research and Development (R&D) sector to around 2 per cent of Gross Domestic Product (GDP), FIEO president, Sharad Kumar Saraf that this will help the R&D services sector to grow and also double its exports in the coming years.

He said this on Wednesday while addressing at the roundtable on the “Promotion of R & D Services Exports from the country” where Saraf urged the state governments also to come up with larger participation and extend support to the R&D services sector.

Presently, it is more of the central government driving the promotion of R&D services exports, he added.

Saraf requested the Government to incentivize the R&D services exports through schemes like SEIS etc. , enable the right infrastructure and ecosystem in the country, provide right regulatory regime, streamline taxation etc. , to provide encouragement and ensure growth of the sector and also provide a level playing field in the international market.

R&D is extremely important to change the profile of India’s exports to put more focus on high technology exports, FIEO president added.

Prof K Vijay Raghavan, Principal Scientific Adviser to the Government of India delivering the keynote address said that COVID-19 pandemic has many lessons for the future.

One striking lesson is that countries need to step up their investment in R&D in order to prevent such a crisis. Investment in R&D also needs to be undertaken through global collaboration and coordination. This has underscored the importance of exchange of R&D services across the globe. R&D exports are more relevant today than ever, he said.

He further added that the attention of policy makers so far has been on high-tech merchandise exports as a country’s engagement in high technology exports (HTX) reflects the sophistication of its economy, level of productivity and future capabilities. Government appreciates the need to propel growth in the services sector and boost its exports in the R&D sector.

India’s scientific manpower has been doing exceedingly well globally and they have already created a niche in the global R&D sector. And, the developed countries acknowledge the fact and recognize Indian talent and their technical expertise, he added.

Prof Vijay Raghavan said that a sort of India brand for the R&D sector has already been established in the global market.

He said that we need more FDI to flow into the sector, more enterprises to come in and set up their R&D facilities in the country.