Why India Must Become An R&D Economy, Says Prashant Ruia At Davos

At BT Davos 2026, Prashant Ruia, Chief Executive of Essar Group, delivers a candid assessment of what is holding back India’s next phase of productivity growth. In conversation with Siddharth Zarabi, Group Editor, Business Today, Ruia explains why building alternative supply chains alone is not sufficient in a world shaped by technology dominance, controls and denial. While India has made strong progress as a global manufacturing and supply-chain hub, he argues that long-term competitiveness will depend on becoming a true R&D-led economy. Drawing parallels with China, the United States and India’s own success in space technology, Ruia calls for a national mission on research and innovation — with the government, private sector and grants ecosystem all playing a role. Watch this insightful discussion Inside India’s Investment Story from Davos 2026.