India Inc. Sounds Alarm: CII Tirupati Conclave Demands Massive R&D Push to Secure Global Edge

At the Confederation of Indian Industry (CII) Andhra Pradesh conclave held in Tirupati on [date], speakers emphasized the urgent need for a stronger push in research and development (R&D) and innovation to enhance India's global competitiveness. The event brought together industry leaders, policymakers, and academics to discuss strategies for fostering an innovation-driven economy.

Speakers highlighted that India's R&D expenditure remains low compared to global benchmarks, hovering around 0.7% of GDP, and called for increased private sector investment and greater industry-academia collaboration. They also stressed the need for supportive government policies, including tax incentives and streamlined regulations, to create an enabling ecosystem for innovation. Quoting a speaker, "Innovation is the key to sustainable growth and job creation in the 21st century."

The conclave's recommendations come at a critical time as India aims to become a $5 trillion economy. The push for stronger R&D aligns with the government's Atmanirbhar Bharat (self-reliant India) initiative and the National Innovation Mission. Next steps include forming a task force to draft a roadmap for increasing R&D investment and fostering innovation at the state level, with CII pledging to work closely with the Andhra Pradesh government to implement actionable solutions.