Nikhil Agarwal, the managing director of the Foundation for Innovation and Technology Transfer at IIT Delhi, highlights the crucial role university research plays in driving innovation. While the U.S. has effectively linked research to major tech advancements, India is catching up with new initiatives.
In the U.S., companies like Nvidia and Google have thrived thanks to support from university research, powered by organizations like the National Science Foundation that provide vital funding.
India’s recent establishment of the Anusandhan National Research Foundation (ANRF) Act 2023 marks a significant step forward in regulating and promoting research in fields such as science, agriculture, and health technology. Agarwal emphasizes that the Indian government’s commitment of £5 billion (about INR 538 billion) to university research under this act is set to transform the landscape of R&D in the country.
Despite the potential, India has faced criticism for its low spending on research and development. As of 2020-21, R&D expenditure was only 0.64% of India’s GDP, far behind China (2.4%), South Korea (4.8%), and the U.S. (3.5%).
Recently, the finance ministry allocated INR 20,000 crore (£1.8 billion) to support the Department of Science and Technology in establishing a private sector-driven R&D fund. This innovative fund allows private companies to seek government support for their projects, marking a refreshing change in policy. Agarwal notes that the repayment term of 50 years for this fund is a positive move for researchers.
Building connections between academic researchers and entrepreneurial ventures is crucial. Imran Yusuf, COO of the STPI under the Ministry of Electronics and Information Technology, mentions initiatives that provide mentorship to faculty at institutions like the Indian Institutes of Information Technology, helping them transition into entrepreneurship.
At IIT Delhi, Agarwal’s team distributes annual grants ranging from £10 million to £50 million to support faculty and startup efforts, fostering a creative research environment.
Healthcare innovation also benefits from collaboration between engineering and medical disciplines. Madhu Vasepalli, managing director of Yira Healthcare, emphasizes the importance of integrating technology into healthcare. Her organization is developing healthcare robots, inspired by initiatives at IIT Kanpur, which is now planning to establish a medical college on its campus.
Despite the “Make in India” push for manufacturing, much of India’s medical equipment remains imported, highlighting the need for more domestic innovation. Agarwal noted that 85% of medical devices in India are sourced from abroad and called for collaborative ventures between engineering and medical institutions to drive advancements in medical technology.
Fortunately, India’s evolving research landscape is reducing the trend of “brain drain.” Agarwal shared that previously, more than 75% of Indian graduates pursued opportunities abroad, but now over 90% of IIT graduates are choosing to stay in India, drawn by the growing prospects.
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