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Although the R&D movement in India is in its early stages, the experts predict that the country has the potential to grow into a global R&D powerhouse. The next big technological innovations could come from India.
The Role of the Government
The government certainly has a role to play here. The government will need to encourage both domestic and foreign companies to set up more R&D centres in India by formulating policies that will give incentives to the companies to increase and expand their R&D activities in the country and cutting the bureaucratic red tape.
In the year 2004, the government of India introduced patent protection reforms. This 'MOVE' by the government of India has significantly reduced the concerns about intellectual property rights in India. The existing laws now allow the applicants to obtain patent protection on every aspect of drug development.
Conclusion
India faces many challenges as it will attempt to become an innovative R&D hub. The country will have to learn to manage the transition from developing advanced development products to high end research. The country will have to counter the brain-drain phenomena by enticing the talents to stay in the country.
In recent years, there has been a percentage decline in the brain-drain but more needs to be done. The country will have to invest more in increasing the basic level research at the Universities. There is a need to create more institutions like IITs to increase the levels of basic and high end research.
Concluded.
* Contributed by -
Sanjeev Kumar is CEO of Delamore & Owl Group of Companies and the Managing Director of Delamore Consulting Ltd.
He holds dual master's degrees: one in Business Administration and another in International Finance. He has been the 2002 recipient of the "Southeast Asia Young Achiever's Award".
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