India’s transition from a protected to a relatively free market economy exposed domestic companies to cut-throat competition in the marketplace. Pressures emanating from enhanced competition is slowly yielding results as more and more Indian companies are investing in research and development (R&D). They are working overtime to improve the overall quality of their existing product and services lines.
It undoubtedly shows up in the statistics as India has steadily emerged as a major global R&D hub despite starting late. According to Battelle-R&D Magazine, India with a spending of 30 billion US dollars globally ranks eighth. While it is way below the US, which spends $427.2 billion and is the largest R&D spender nation, it underscores the fact that India has moved up in the pecking order which includes leading innovators like China, Japan, Germany and South Korea.
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