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The amount of money being provided as a percentage of GDP for research and development work is still miniscule as compared to the developed economies. It should be realized that long-term economic leadership could be achieved only through scientific and technological innovations.
Instead of importing technology or trying to better the existing technology, it would pay more if we could come with our own technology. What is helping us to partially meet this problem is the establishment of R&D centers in India by global players. Though this provides our researchers global exposure, the ultimate benefits would flow to the parent companies in foreign lands. What could help us in this area is a dedicated team of experts from the scientist community who could formulate policies and monitor the progress in key areas. What again is needed is government backing to the fullest.

Finally, something we all have read, seen and know about is the infrastructure. Though several steps have been taken by government at the center and state level, what is observed is the lack of planning and timely completion. Bringing in the private sector in building infrastructure through Special Economic Zones (SEZ's) seems to be the partial solution to this problem. Though it cannot guarantee the success that China has had with SEZ's, it is seen as a major thrust to manufacturing sector in India. But several complications still remain in its path. There are already voices that claim it to be a huge scam in disguise. Only time or politicians can tell what it turns out to be, but we need to be aware of the fact that we have a long way to go in this area and we need to act fast.

The challenge as of now for the emerging economies is to keep growing and consolidate the gains made. The challenge for the future is to maintain the competitive advantages and develop more sustainable ones. Granting tax sops to companies to build infrastructure and granting more generous grants to scientists to carry research work both seem to be crucial at the moment. A balancing act needs to be done through rational thinking. The underlying goal should be to create high-quality jobs by developing new industries and new sources of competitive advantages based on the bright ideas of scientists and engineers.

Concluded.

* Contributed by: -
Aadarsh Himmatramka, an M.Com. from Mumbai University, worked as Marketing Assistant with Pentafab Textiles Pvt. Ltd. for a year, and is currently a student of PGP2 at BIM, Trichy.