Delibrating Bharat’s Technology Paradigm
Modern India has had a strong focus on science and technology, realizing that it is a key element for economic growth. Over a period of time, India has progressively and perceptibly paved way for development in the field of Science and Technology. The 21st century in India is apparently marked as the beginning towards advancement in terms of technology and enrichment of knowledge base in the fields of Science. At present, India holds a strong position in terms of advanced technology. India also serves as a knowledge warehouse with the existence of its many institutions catering to Science and Technology which come with qualified and trained manpower. Department of Science and Technology was established in 1971 to develop new scientific and technological fields. The government has introduced multiple policies aimed at projecting India as a science and technology powerhouse and promoting both public and private sector involvement in the R&D practice. As a result, India’s gross expenditure on R&D (GERD) has been consistently increasing over the years. The government is sponsoring different research and development initiatives as part of its national policy to encourage scientific pursuits. The nation’s vigorous efforts are evident today as it ardently forges its identity. According to the 2022 Economic Survey, India’s Gross Expenditure on Research and Development (GERD) accounts for 0.66 per cent of its GDP. India has introduced various funding policies that empower the nation to improve its key strategic industries, including space, energy, and the life sciences. Energy is one of India’s growing areas, which is currently receiving a considerable extent of focus. Let us now discuss the different areas which undergo development with the advancement in Science and Technology
Growth in overall market size
By 2022, R&D expenditure is targeted to reach about 2% of the country’s GDP. The engineering R&D and product development market in India is forecast to post a CAGR of 12% to reach US$ 63 billion by 2025, from US$ 31 billion in 2019. As per the Economic Survey 2022, India’s gross domestic expenditure on R&D (GERD) as a percentage of GDP stood at 0.66%. IT spending in India will grow 7% YoY to reach US$ 101.8 billion in 2022, compared to U$ 81.89 billion in 2021. India’s medical technology sector is forecast to reach US$ 9.6 billion in 2022. In FY21, there were 5,018 R&D projects, 2,528 fellowships, 3,702 publications, 30,532 ongoing projects and 797 innovations in India. Accenture offers a framework for assessing the economic effect of AI for selected G20 countries in its latest AI research studies and forecasts that AI will raise India’s annual growth rate by 1.3% by 2035. India’s National Artificial Intelligence Strategy prepared by NITI Aayog outlined a way forward to harness the potential of Artificial Intelligence (AI) in different fields.
Advancement of agriculture system
After independence, regaining control of agriculture production was a task. Government prioritized scientific research for advancing agriculture. The advanced research applications span from hybrid seed cultivation to agricultural energy management and post harvest technology. These advancements made us self reliant, as we traveled the distance from being an importer of food grains to one producing it in surplus. India is now able to produce 154 million tons of food grains, increased very much from thirty years ago, thanks to the use of contemporary science and technology in agriculture.
According to Inc42, the Indian agricultural sector is predicted to increase to US$ 24 billion by 2025. It embodies the fourth agriculture revolution that makes use of digital technologies and has shifted toward a smarter, more environmentally responsible, and more resourceful agriculture sector. This encompasses all digitalisation and automation processes, including artificial intelligence (AI), robots, big data, the Internet of Things (IoT), and virtual and augmented reality. From a real-world perspective, it brings us to precision agriculture. Precision farming software-as-a-service (SaaS) is playing a significant role in transforming the sector. As per a report by EMR, the Indian agriculture market was valued at $435.9 Bn in 2022. It is further anticipated to grow at a CAGR of 4.9% between 2023 and 2028 and reach a value of $580.82 Bn by 2028. Furthermore, the TechSci Research report “India Precision Agriculture Market by Technology, By Component, By Application, By Region, Competition, Forecast, and Opportunities, 2025” highlighted that India’s precision agriculture market is projected to grow at over 10% to reach $99 Mn by 2025 due to increasing apprehensions for food security and growing demand for maximizing yields.
Space science and technology
Space has been a critical factor in the growth and development of modern economies. Positioning systems such as Global Positioning System (GPS) have significantly impacted shipping and trade. Remote sensing and telecommunications have enabled rapid response to natural disasters and better estimates of economic activity. Additionally, space-based technologies have improved arms control treaties and enabled better monitoring of armed conflicts. India is one of the top 5 space-faring countries in the world, with numerous space opportunities. India is renowned for producing affordable satellites and launch vehicles. Recently Indian Space Research Organisation (ISRO) successfully launched Chandrayaan 3 mission and made a successful landing on South Pole of the Moon. Then continuing their legacy, the Polar Satellite Launch Vehicle (PSLV-C57) successfully launched the Aditya-L1 spacecraft 2023 which is the Solar Mission and it will study the Gas Pattern, Coronal Heating & Solar Wind Acceleration.
The estimated value of the worldwide space economy is US$ 440 billion. Despite having the most advanced space program in the world, the space sector in India makes up only 2.1% of the global space economy. India contributed 2.1% to the global space industry economy in 2020, amounting to US$ 9.6 billion, with a contribution of 0.4% to the country’s gross domestic product (GDP). According to a report by Ernst & Young, the space economy in India is set to grow US$ 13 billion by 2025 at a CAGR of 6%.
This year, the ISRO released the “Indian Space Policy 2023” that had been in the works for some years. The policy has been welcomed as a progression towards India’s entry in a New Space age. Until the early 1990s, India’s space industry and space economy were defined by ISRO. Private sector involvement was limited to building to ISRO designs and specifications. The Indian Space Policy 2023 unveils the government’s plan to let private enterprises carry out end-to-end activities – from launching satellites and rockets into space to operating Earth stations.
Development of medical science and technology
India is the largest provider of generic drugs globally and is known for its affordable vaccines and generic medications. The Indian Pharmaceutical industry is currently ranked third in pharmaceutical production by volume after evolving over time into a thriving industry growing at a CAGR of 9.43% since the past nine years. Generic drugs, over-the-counter medications, bulk drugs, vaccines, contract research & manufacturing, biosimilars, and biologics are some of the major segments of the Indian pharma industry. India has the most number of pharmaceutical manufacturing facilities that are in compliance with the US Food and Drug Administration (USFDA) and has 500 API producers that make for around 8% of the worldwide API market. According to a recent EY FICCI report, as there has been a growing consensus over providing new innovative therapies to patients, Indian pharmaceutical market is estimated to touch US$ 130 billion in value by the end of 2030. Meanwhile, the global market size of pharmaceutical products is estimated to cross over the US$ 1 trillion mark in 2023.
Road ahead
India ranks third among the most innovative middle income economies in the world. Rising per capita income in India will bring boom in research and development investment in the country with multiple foreign players shifting research and development bases to India. R&D investment and multiple government policies have helped Indian companies overcome tight competition with affordable products internationally. The Competitiveness Roadmap for India@100 was released by the Economic Advisory Council to the Prime Minister (EAC-PM). THE Prime Minister has set the goal of India becoming a developed country by 2047. India plans to move forward with developing its science and technology sector by collaborating with other countries. India has active bilateral science and technology programs of cooperation with more than 45 countries, including dedicated programs for Africa, ASEAN, BRICS, EU and neighboring countries. India is aggressively working towards establishing itself as a leader in industrialization and technological development. Significant developments in nuclear energy sector are likely to expand its nuclear capacity. Moreover nanotechnology is expected to transform India’s pharmaceutical industry. The agriculture sector is also likely to undergo a major revamp with the government investing heavily for a technology driven green revolution.
Image source:- https://blog.mendeley.com/2017/11/27/insights-into-funding-indian-department-of-science-and-technology/
