India Is Becoming A Fast-Emerging Innovation Hub
India has typically ranked rather poorly for global innovation. However it is now steadily improving, according to data from the Global Innovation Index (GII). The GII survey used metrics ranging from patent filings to education spending and found India to be a fast-emerging innovation hub. From 2011 to 2015, India’s rank dropped from 62 to 81 but in 2017, the trend reversed and it came in at number 60. The report named India an innovation achiever for its economic class of low to middle income countries.
One great example of Indian innovation is Isro (Indian Space Research Organisation), who developed simpler mechanics and sent the Mangalyaan probe to Mars for just $73 million, a fraction of what any other space agency would spend.
Recently, Indian Prime Minister Nerendra Modi stated that innovation and entrepreneurship were being nurtured in India through a range of initiatives. The government has created a special ministry for skill development, owing to the fact that 65% of the population is under 35 years old. India has a large number of science and engineering graduates and has improved its innovation output. Despite this, it also has a high student to teacher ratio.
With 600 Indian students attending university in Israel, a world innovation leader, Modi hopes that this will help bridge the two countries in the field of technology. He commented that “India is becoming the hub of the digital world” and announced that flight services between Mumbai, New Delhi and Tel Aviv would soon commence. The new India-Israel Innovation Bridge is an online platform to facilitate collaboration between the country’s startups to develop technological solutions. The initiative resulted from a partnership between the Israel Innovation Authority and the India Department of Industrial Policy and Promotion.
Innovation drives economic growth in an increasingly knowledge-based world and stagnating R&D investment can have a negative impact on long-term prosperity. The Indian government promotes innovation and research and development by offering a number of tax deductions for performing qualified research activities in India. Assess your eligibility for R&D tax deductions by contacting Swanson Reed R&D Tax Advisors today.