Faced with the gravest global challenge in recent times, India’s citizens, government and industry have coalesced in an unprecedented display of collaboration in a ‘whole-of-society’ response to Covid-19. India’s strong response has relied heavily on the rapidly arranged collaborations across the country’s science, technology, innovation and entrepreneurial ecosystems.
However, India’s systems and processes to bring science and technology to market have been historically weak, reflected in a comparatively low – but rapidly rising – rank in the Global Innovation Index. Innovation, firm competitiveness, and economic growth are intrinsically linked, as was demonstrated by Nobel Prize winner Robert Solow’s research. In more recent times, Prof Mariana Mazzucato has demonstrated the critical need for the ‘Entrepreneurial State’, to fund early-stage research and innovation for economic growth.
Innovation-driven economies such as Israel and South Korea spend more than 4 percent of their respective Gross Domestic Product on research and development, and countries such as the US (2.8 percent) and China (2.1 percent) spend substantially higher amounts than India’s 0.6-.0.7 percent.
News Source: ThePrint
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