Piyush Goyal On India’s R&D Challenge: Why Private Sector Innovation Must Accelerate

India's spending on research and development remains far below global innovation leaders, with R&D expenditure at around 0.7% of GDP. Speaking on the issue, Commerce and Industry Minister Piyush Goyal highlighted the need for stronger private sector participation in innovation. He outlined the government's efforts to boost R&D through a $10 billion public funding initiative, partnerships between industry and academia, support for startups, and reforms to intellectual property laws. Goyal emphasized that India's young talent pool, low-cost infrastructure, and large-scale testing capabilities can help transform the country into a global innovation hub if businesses invest more aggressively in research and technology development.