India Must Boost R&D Investment to Regain Global Leadership in Science, Says Myntra Co-Founder Mukesh Bansal
Mukesh Bansal, co-founder of Myntra, has expressed concern about India’s low investment in research and development (R&D), which is just 0.6% of its GDP. He emphasizes that India, once a global leader in science and technology, now relies on the US and China for advancements in areas like AI and biotech. Bansal highlights past Indian achievements, mentioning Nobel laureates such as CV Raman and S. Chandrasekhar, and institutions like IISc and IITs. Despite past successes, he notes that most global innovations today are driven by a few firms outside India.
To reclaim leadership in science and tech, Bansal calls for increasing R&D spending to 1.5-2% of GDP, building a deep-tech startup ecosystem, enhancing STEM education, encouraging research commercialization, and investing in long-term research. He believes that with bold leadership and reforms, India can foster more original innovations and Nobel laureates.
India Must Boost R&D Investment to Regain Global Leadership in Science, Says Myntra Co-Founder Mukesh Bansal
Mukesh Bansal, the co-founder of Myntra, has raised concerns about India’s low spending on research and development (R&D), which currently stands at just 0.6% of the country’s GDP. He emphasizes that India, once a global leader in science and mathematics, now heavily relies on countries like the US and China for advanced technologies such as artificial intelligence (AI), semiconductors, and biotechnology. This growing dependence on foreign nations for cutting-edge innovations is a worrying trend, especially considering India’s rich history of scientific achievements.
Bansal recalls India’s glorious past in science, mentioning renowned figures like Nobel laureates CV Raman and S. Chandrasekhar, who brought global recognition to the country. He also highlights the contributions of prestigious institutions such as the Indian Institute of Science (IISc), the Indian Institutes of Technology (IITs), and the Bhabha Atomic Research Centre (BARC). These institutions and individuals achieved remarkable feats despite limited resources, demonstrating India’s potential to excel in science and technology.
However, Bansal points out that the current scenario is quite different. While India’s past leaders, such as Homi Bhabha and APJ Abdul Kalam, laid a strong foundation for scientific progress, the country has struggled to maintain its momentum. Today, most of the world’s innovations are driven by a handful of companies located outside India. This lack of homegrown innovation is a significant concern, especially in a world where technology plays a critical role in economic growth and global influence.
To address this issue, Bansal suggests several steps that India must take to reclaim its position as a leader in science and technology. First and foremost, he stresses the need to increase R&D spending. Currently, India allocates only 0.6% of its GDP to R&D, which is far below the global average. Bansal believes that this figure should be raised to at least 1.5-2% of GDP to foster a culture of innovation and support groundbreaking research.
In addition to increasing funding, Bansal emphasizes the importance of building a strong ecosystem for deep-tech startups. These startups, which focus on advanced technologies like AI, robotics, and biotechnology, have the potential to drive significant innovation. However, they require substantial support in terms of funding, infrastructure, and mentorship. By creating an environment that encourages such startups, India can nurture a new generation of innovators and entrepreneurs.
Another critical area that Bansal highlights is the need to improve STEM (science, technology, engineering, and mathematics) education. A strong foundation in these subjects is essential for developing a skilled workforce capable of tackling complex scientific challenges. He suggests that India should focus on making STEM education more accessible and engaging, particularly at the school level, to inspire young minds to pursue careers in science and technology.
Bansal also believes that academic researchers should be encouraged to commercialize their work by launching businesses. Many researchers in India produce high-quality work but lack the resources or support to turn their ideas into marketable products. By providing them with the necessary tools and guidance, India can bridge the gap between academia and industry, leading to more practical applications of research.
Finally, Bansal calls for increased investment in long-term, breakthrough research. While short-term projects can yield quick results, it is long-term, high-risk research that often leads to revolutionary discoveries. He argues that India must be willing to invest in such projects, even if they do not provide immediate returns, as they have the potential to transform industries and create new opportunities.
In conclusion, Mukesh Bansal believes that India has the potential to regain its status as a global leader in science and technology. However, this will require immediate action, including increased R&D spending, support for deep-tech startups, improved STEM education, and investment in long-term research. With the right leadership and reforms, India can produce more homegrown innovations and even future Nobel laureates, ensuring a brighter and more self-reliant future.