Every year on February 28, India celebrates National Science Day, and the theme for the year 2024 is “Science for Sustainable Development”. India aims to lead its development through scientific advancement and sustainability by 2047. On this significant day, it’s imperative to acknowledge that consistent and substantial investment is crucial for scientific transformation, especially considering India’s R&D funding is one of the lowest worldwide.
India’s R&D expenditure has seen a decline from 0.8% of GDP in 2008-2009 to 0.64% of GDP, with emphasis from various economic surveys and policies to increase it to 2%. Developed nations allocate 2%-4% of their GDP to R&D. In contrast, India’s funding channels are predominantly from the public sector, highlighting the need to engage the private sector more significantly, with concerns around regulatory clarity and intellectual property rights impeding investment.
Implementing the Anusandhan National Research Foundation intended to tackle financial challenges has been sluggish, with considerable budgetary adjustments and an unclear strategy to raise additional funds. This poses the question of the overall quantum and sources of funding needed for India’s R&D ambitions.
Furthermore, the effective usage of the R&D budget has been under scrutiny as departments like the Department of Biotechnology and the Department of Science and Technology have not fully utilized their allocations. Delays in grants and a lack of internal bureaucratic capacity are some of the issues that contribute to this inefficiency. Therefore, addressing these matters is essential for optimal utilization of the allocated funds.
Calling for a collaborative approach, Finance Minister Nirmala Sitharaman has emphasized the role of private contributions in R&D spending. Enhancing political commitment to R&D and implementing investor-friendly policies will pave the way for sustainable scientific funding. Strengthening the administrative capacity for evaluating science projects and monitoring fund utilization is crucial for India’s goal to be a science leader by 2047.
Commemorating the discovery of the ‘Raman effect’ by Nobel laureate C V Raman, Prime Minister Narendra Modi extended greetings on National Science Day, highlighting his administration’s efforts to foster research and innovation among youth as vital to achieving a developed nation status.