New Delhi, May 12 -- India's gross expenditure on research and development (R&D) remains stagnant at 0.7 per cent of the GDP, significantly trailing the global average of 2.3 per cent. With nearly 60 per cent of this funding currently provided by the government, Member of NITI Aayog Rajiv Gauba on Tuesday stressed that the Indian industry must significantly increase its R&D contributions and move away from a reliance on imported technology.

"India's gross expenditure on R&D, we all know, is low. It has remained stuck at around 0.7% of GDP, well below the global average of 2.3% and much less than what countries like South Korea and Israel do. And of this 0.7%, around 60% is government funded," Gauba said, addressing the gathering at the C...