2 hrs ago

Sitharaman Urges India to Shift From Made to Imagined

'Made in India’ must give way to ‘Imagined in India’: FM Sitharaman bats for design, patents and innovation · livemint.com

Nirmala Sitharaman said India should not only make products but also imagine and design them.

She wants more products to be invented and developed in India before being sold around the world.

She said companies should spend more money on research and development.

Businesses could do this themselves or work with universities.

India currently spends a smaller share of its economy on research than the OECD, China and the United States.

Sitharaman also said companies need better governance, transparency and management skills.

She encouraged businesses to work with regulators before disagreements become lawsuits.

She said family businesses should prepare better for succession and professional management.

Key facts

India’s R&D spending: Gross expenditure on research and development is 0.83% of GDP.
OECD R&D spending: The OECD average is 2.7% of GDP.
China R&D spending: China’s R&D spending is 2.6% of GDP.
United States R&D spending: The United States spends 3.5% of GDP on R&D.
Private-sector contribution: India’s domestic private sector accounts for 36% of R&D spending.
Advanced-economy comparison: The private sector contributes more than 70% of R&D spending in leading advanced economies.
Long-term goal: Sitharaman linked stronger enterprises and institutions to India’s Viksit Bharat 2047 goal.

livemint.com · 3 hrs ago