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Prime Minister’s panel lobbies mandatory R&D funding by Indian corporates

The Prime Minister’s Science Technology and Innovation Advisory Council (PM-STIAC) wants to make it mandatory for medium and large enterprises in key sectors to set aside funds for research and development after the Economic Survey pointed out the abysmal levels of investment in this area. It had said that R&D investment in India has been stagnant for 20 years at 0.6-0.7% of gross domestic product with that by the private sector at 0.35%.