India’s innovation gap can be seen in the financial numbers of Indian companies
Third, recent trends are particularly concerning. Industry’s share of India’s R&D has fallen from 41% in 2018 to 36% in 2023, even as higher education’s share rose modestly from 7% to 9%. India’s industrial R&D expenditure in 2023 was under $7.4 billion. As a stark contrast, Nvidia, which is ranked 26th among the world’s top 2,500 R&D spenders, spends nearly as much as all of India’s industry on R&D, while Alphabet, the top global R&D spender, spends almost five times that sum.
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